By "specialization" economists mean a situation where
A) individuals produce the goods or services for which they have relatively the best ability.
B) goods are traded directly for goods and money is not used.
C) individuals who produce goods do not also produce services and individuals who produce services do not also produce goods.
D) individuals are assigned to occupations on the basis of tests that gauge their relative abilities.
A
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Where supply and demand intersect on a graph, quantity demanded equals quantity supplied. This intersection is referred to as ________________.
Fill in the blank(s) with correct word
Suppose regulators impose a price ceiling on a monopoly. If the price ceiling is set too high
a. deadweight loss will be eliminated. b. deadweight loss will be reduced. c. deadweight loss will be increased. d. deadweight loss will not be affected.
A national taco chain offers in-house customers free refills on drinks. It is
A) attempting to increase total profit. B) selling its meals below cost. C) selling drinks below cost. D) engaging in predatory pricing. E) doing all of the above.
The concept of marginal productivity is applicable to
a. all of the following b. capital c. entrepreneurial talent d. land e. labor