Scarcity and choice are the basic problems of economics; the supply and demand mechanism is the basic investigative tool of economics
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
The figure above shows the marginal revenue and long-run cost curves for a perfectly competitive firm. All other firms in the industry have identical curves. Which of the following statements is TRUE?
A) The firm's average cost exceeds the price. B) Over time, firms will enter this industry. C) The firm is earning economic profit. D) None of the above is true.
A supply curve that is parallel to the quantity axis is
A) perfectly elastic. B) perfectly inelastic. C) relatively inelastic. D) unitary elastic.
Late in the 2000–2009 decade, real estate prices in the U.S. fell by a greater percentage than they had fallen since the
a. 1890s. b. 1930s. c. 1950s. d. 1970s.
The Board of Governors is made up of experts in:
A. international trade. B. banking. C. fiscal policy. D. All of these are true.