Demand Determines Output in the Short Run If Prices Are

question 61

True/False

Demand determines output in the short run if prices are flexible.

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Definitions:

Equivalent Ratio

A ratio that has the same value when compared to another ratio, despite possibly having different terms.

Ratio

A relationship between two quantities expressed as the quotient of one divided by the other.

Equivalent Ratio

A way to express the same relationship or proportion between two quantities, although the numbers involved may differ.

Equivalent Ratio

A proportional relationship between two quantities showing how many times one value contains or is contained within the other.