3. An implication of Walras’ law is that: (A) firms always make positive profits. (B) if there are N markets, we only need to focus on N-1 markets (C) firms should shut down if they are making losses in the short run. (D) the Walrasian auctioneer is necessary.

9. Exponential growth implies that ________. (A) growth rates can only be positive (B) growth rates will alternate between positive and negative values in every consecutive time period (C) relatively large differences in growth rates will translate into small differences in the level of a quantity after many years of growing (D) relatively small differences in growth rates will translate into large differences in the level of a quantity after many years of growing

3. An implication of Walras’ law is that:
(A) firms always make positive profits.
(B) if there are N markets, we only need to focus on N-1 markets
(C) firms should shut down if they are making losses in the short run.
(D) the Walrasian auctioneer is necessary.

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