List the four main factors of production
What will be an ideal response?
The four main factors of production are labor, capital, natural resources, and entrepreneurial ability.
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Why does the model of perfect competition imply that firms will produce the products that households want the most?
What will be an ideal response?
As more bananas are consumed, other things constant, marginal utility tends to decrease at:
a. the same rate for all people. b. the same rate for all goods for a given person. c. the same rate for all people. d. different rates for different people and for other goods. e. different rates for different people, but at the same rate as other goods.
Suppose a new oxygen-enrichment process will cut in half the energy required to smelt copper. The firm selling licenses for this patented process will experience a greater demand for its product when
a. the price of copper falls and smelters become more desperate to economize. b. energy prices are expected to fall. c. energy prices are expected to rise. d. the price of steel, a substitute for copper, declines.
The higher the degree of oligopolization
A. the greater the likelihood of collusion. B. the smaller the likelihood of collusion. C. the greater the likelihood of product differentiation. D. the greater the likelihood of cut-throat competition.