Say's Law

question 162

Multiple Choice

Say's Law

• A) cannot be satisfied if there is excess supply or demand in individual markets in the long run
• B) ensures that every firm will sell all of its output
• C) can be satisfied even if there is a general overproduction or underproduction of goods in the economy
• D) is satisfied only if every market clears in the short run
• E) shows that the total value of spending in the economy will equal the total value of the output produced

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Definitions:

Histogram

A graphical representation of the distribution of numerical data, usually shown as bars of different heights.

Positively Skewed

Describes a distribution of numerical data where the right tail is longer or fatter than the left, indicating that the majority of values are concentrated on the left side of the distribution.

Negatively Skewed

Describes a distribution where the tail is on the left side of the distribution, indicating that the majority of data points are concentrated on the right side.

Symmetric

Symmetric describes an attribute where a shape or distribution can be divided into mirrored halves, or in statistics, where the left and right sides of a distribution are approximately equal in shape.