The price of a seller's product in perfect competition is determined by
A) the individual seller.
B) the individual demander.
C) market demand and market supply.
D) a few of the sellers.
Answer: C) market demand and market supply.
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List the three basic economic questions that all societies must answer
What will be an ideal response?
When a citizens' group opposes expansion of the prison located in town, the basis of the opposition is that the larger prison will produce
a. a negative externality for the community b. a positive externality for the community c. more jobs in the community d. tax revenue for the community e. improved criminal justice options
If a retail food chain merged with a meat packing company, this would be an example of a
A) horizontal merger. B) conglomerate merger. C) vertical merger. D) diagonal merger.
Secured and enforced individual property rights provide individuals with incentive to allocate resources efficiently and effectively, advance technologically, take on strategic risks and trade domestically and internationally
Indicate whether the statement is true or false