Recall the Application about running a software programming business to answer the following question(s).The time and invested funds involved in starting a software (app) development business addresses the economic concept of:
A. the marginal principle.
B. opportunity cost.
C. the real-nominal principle.
D. the principle of diminishing returns.
Answer: B
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For a good whose production creates a pollution, when marginal social cost equals marginal social benefit, then
I there is no pollution. II resources are utilized efficiently. A) I only B) II only C) neither I nor II D) both I and II
To say that there is a scarcity of gold means that:
a. gold prices will fall in the future. b. there is not enough gold to satisfy people's demand for it at a zero price. c. there are very few substitutes for gold. d. gold is very expensive. e. the demand for gold is changing.
It more difficult for firms to reach collusive agreements when they are of different sizes, with substantially different production costs and estimates of demand conditions, than when these differences are smaller
a. True b. False Indicate whether the statement is true or false
Perfectly competitive markets:
A. tend to have relatively few sellers. B. are more of an idealized model economists use than a real-life occurrence. C. tend to have relatively few buyers. D. are the most common type of market in the United States.