Private ownership
A) permits owners to buy, sell and derive income from their property.
B) permits anyone to use the property with or without permission, compensation or consideration for the owner.
C) provides owners with little incentive to conserve for the future.
D) permits owners to do anything they want with their property.
A) permits owners to buy, sell and derive income from their property.
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Answer the next question on the basis of the following demand schedule.PriceQuantity Demanded$615243342516If this demand schedule were graphed, we would find that
A. its slope diminishes as we move southeast down the curve. B. its slope is constant throughout. C. its slope diminishes as we move northwest up the curve. D. the data are inconsistent with the law of demand.
Briefly explain the case for a negative income tax.
What will be an ideal response?
Which of the following reduces the effects of asymmetric information?
A) repeat purchases B) warranties C) building a reputation D) All of the above.
Refer to the above table. If the firm can produce 24 units at a price of $1.00, 42 units at a price of $0.80, and 54 units at a price of $0.60, then the firm is:
A. Selling in a purely competitive market
B. Selling in an imperfectly competitive market
C. Minimizing its costs at a product price of $1.00
D. Maximizing profits at a product price of $0.60