The Basic Tools of Supply and Demand Apply to

question 25

Multiple Choice

The basic tools of supply and demand apply to

• A)both markets for goods and services and markets for labor services.
• B)markets for goods and services but not to markets for labor services.
• C)markets for goods and services but not to markets for factors of production.
• D)all markets except those in which demand is derived demand.

---

Definitions:

Great Depression

A severe worldwide economic downturn that took place during the 1930s, leading to widespread unemployment and poverty.

Stock Market Speculation

The act of trading stocks, commodities, or other financial instruments with the aim of making profits from short-term fluctuations in their prices, often involving high risk.

Protective Tariffs

Tariffs imposed on imports to protect domestic industries from foreign competition by increasing the cost of imported goods.

Demobilized Soldiers

Demobilized soldiers are military personnel who have been discharged from active service, often following the end of a conflict or war.