By 1916, there were 340,000 corporations in the U.S. The growth in the number of corporations was partly due to
a. increasing numbers of urban dwellers.
b. the development of formal markets for stocks and bonds.
c. the acceptance by most states of the doctrine of limited liability.
d. mass production which led to lower per-unit costs for output.
e. All of the above.
e. All of the above.
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Answer the following statements true (T) or false (F)
1. The relationship between the price of a book and the number of volumes purchased would be an example of microeconomics. 2. Some economic principles are based on physical phenomena. 3. If I stand up at a football game, I can see better. But if we all stand up, we block each other’s view. This is an example of the fallacy of composition. 4. The basic function of any economic system is to provide the framework for allocating scarce resources in a way that adequately satisfies unlimited wants.
A firm's _______ summarizes all of its possible methods of producing its output.
A. production technology B. efficient production frontier C. production function D. production possibilities curve
A demand curve reflects each of the following except the
a. willingness to pay of all buyers in the market. b. value each buyer in the market places on the good. c. highest price buyers are willing to pay for each quantity. d. ability of buyers to obtain the quantity they desire.
In economics, the context in which decisions are presented is referred to as:
A. choice architecture. B. self-confirming equilibrium. C. enlightened self-interest. D. shadow prices.