Inferior goods are always substandard.
Answer the following statement true (T) or false (F)
False
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Refer to Figure 4.5. In which of the following cases will you be rewarded with the most extra points?
A) Seven of your classmates choose Dash and you and the rest choose Solid. B) All of your other classmates choose Solid and you choose Dash. C) Half of your classmates choose Solid and you and the rest choose Dash. D) One of your classmates chooses Dash and you and the rest choose Solid.
Describe the mechanism which would take place if the Bank of England decides to increase its money supply by purchasing domestic assets under the gold standard
What will be an ideal response?
In the case of a specific tax the resulting price received by producers depends on
A) who pays the tax. B) the price elasticity of supply. C) the price elasticity of demand. D) All of the above.
When breaking up a natural monopoly is not advisable
a. it should be left alone b. government regulation should be used to set marginal revenue equal to marginal cost c. government regulation should be used to set price equal to marginal revenue d. government regulation should be used to set marginal cost equal to long-run average total cost. e. public ownership and operation may improve efficiency