Pure capitalism and a pure command system represent
a. two different ways of answering the basic economic questions
b. two names describing the same method of answering the basic economic questions
c. the only two ways of answering the basic economic questions
d. the most efficient ways to answer the basic economic questions
e. none of the above
A
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Studying the determination of prices in individual markets is primarily a concern of
A) positive economics. B) negative economics. C) macroeconomics. D) microeconomics.
Refer to the table above. If the market is perfectly competitive, what is Buyer 3's consumer surplus?
A) $0 B) -$1 C) $1 D) $2
Those who engage in the practice of discrimination today are generally quite blatant
Indicate whether the statement is true or false
The long-run Phillips curve is a(n) ____ line at the natural rate of unemployment
a. horizontal b. vertical c. upward-sloping d. downward-sloping