Hardee's announces "buy one get one free" breakfast sandwiches. This is an example of:
A. the use of incentives.
B. a macroeconomic decision.
C. hoarding scarce resources.
D. how people assess the health benefit of fast food breakfast.
A. the use of incentives.
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Refer to Figure 2-9. Carlos Vanya grows tomatoes and strawberries on his land. His land is equally suited for growing either fruit. Which of the graphs in Figure 2-3 represents his production possibilities frontier?
A) Graph A B) Graph B C) Graph C D) either Graph A or Graph B E) either Graph B or Graph C
As the period for firms to expand output is lengthened, the elasticity of the market supply curve will:
a. approach zero. b. increase. c. decrease. d. remain the same since time does not affect the elasticity of market supply.
Thomas Malthus argued that population grows geometrically and the food supply grows arithmetically
a. True b. False
An oligopolistic market
a. has a small number of rival firms, and each is large relative to the size of the market. b. is characterized by firms that merely take the price that is determined by the forces of supply and demand in the market. c. has low entry barriers facing firms that may be interested in entering the market. d. has a large number of firms that are small relative to the size of the market.