The productive resource that includes all the "gifts of nature" is called
A) land.
B) labor.
C) capital.
D) entrepreneurshi
A
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A monopoly is a market with
A) many suppliers each producing an identical product. B) no barriers to entry. C) many substitutes. D) one supplier. E) many suppliers each producing a slightly different product.
If salt has a ________, then ________ pay most of any tax levied on salt
A) high elasticity of supply; sellers B) low elasticity of demand; buyers C) high elasticity of demand; buyers D) low elasticity of supply; buyers
If the cross-price elasticity of demand for two goods is negative, then the two goods are substitutes
a. True b. False Indicate whether the statement is true or false
A horizontal demand curve is
A. has elasticity of zero. B. unit elastic. C. perfectly elastic. D. perfectly inelastic.