The condition of scarcity:
a. cannot be eliminated.
b. prevails in poor economies.
c. prevails in rich economies.
d. All of these.
d
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When increased government spending results in decreased consumer or business spending, the government spending is said to be crowding out the consumer and business spending
Indicate whether the statement is true or false
What tools can unions use to increase the demand for union labor?
What will be an ideal response?
Suppose we want to use game theory to analyze how an oligopolist selects its optimal price. The cells of the payoff matrix show
A) the strategy that a firm must pursue to earn various levels of profit. B) the profit that each producer can expect to earn by pursuing a single strategy. C) the expected profits of rival firms. D) the profit that each producer can expect to earn from every combination of strategies by the firms in the market.
If the wage rate is $5 per hour, regardless of how many laborers are employed, the wage rate equals the
a. MLC b. MPP c. MR d. MRP e. TLC