The return to any factor of production that is in fixed supply is called
A. pure rent.
B. marginal product.
C. demand.
D. economic profit.
Answer: A
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Which of the following is not a characteristic of perfect competition?
a. Firms and consumers all have perfect information about the good and market. b. Sellers can enter the market easily. c. All goods sold are identical. d. All consumers have identical individual demand curves.
Answer the following statement(s) true (T) or false (F)
1. Title VI of the 1990 Clean Air Act Amendments specifically addressed the problem of tropospheric ozone. 2. To help the U.S. achieve its objectives to control ozone depletion, an escalating excise tax was levied on the production of ozone-depleting substances. 3. According to the Regulatory Impact Analysis (RIA) of the phaseout plan for ozone-depleting substances, the associated costs exceedthe expected benefits. 4. As the effective price of ozone-depleting substances rises due to the excise tax, the demand for substitute substances increases. 5. As a consequence of actions under the Montreal Protocol, the ozone depletion problem has been eliminated.
Which of the following products are likely to be complementary goods?
A) Coke and Pepsi B) portable MP3 players and batteries C) HD-DVDs and Blu-Ray DVDs D) Domino's pizza and Papa John's pizza
If the percentage increase in the quantity supplied is smaller than the percentage increase in the price, the supply:
A. is elastic. B. is inelastic. C. is perfectly elastic. D. is unit elastic.