Unregulated markets will tend to
A. rapidly deplete any natural resource.
B. naturally conserve any depletable natural resource by pushing up its price every year by a constant dollar amount.
C. naturally conserve a depletable resource by pushing up its price at a constant rate every year.
D. deplete a resource unless new supplies are found.
Answer: C
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If a firm hires 10 workers at $6 per hour each and the 11th worker will be hired only if the wage rate falls to $5 per hour, the marginal wage rate must be
A. -$5. B. $5.50. C. -$5.50. D. $5.
When quantity demanded is greater than quantity supplied, the resulting shortage causes the price to fall.
Answer the following statement true (T) or false (F)
Suppose that the percentage change in supply is 20%, the price elasticity of demand is 3, and the price elasticity of supply is 2. What is the percentage change in the equilibrium price?
A. 4% B. 5% C. 15% D. 20%
What does it mean when the dollar appreciates? What does it mean when the dollar depreciates?
What will be an ideal response?