The Pricing Chips suggests that consumers choose between substitutes based on
A) comparative advantages.
B) absolute prices.
C) absolute opportunity costs.
D) relative prices.
D
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The corporate income tax is the single largest source of revenue for the federal government.
Answer the following statement true (T) or false (F)
According to the public interest view, economic regulation is always in the special interest of existing producers
Indicate whether the statement is true or false
Suppose Smith wants one iPhone no matter what the price is between $0 and $350, Jones wants one iPhone no matter what the price is between $0 and $200, and Griffith wants one iPhone no matter what the price is between $0 and $450. In this case, each individual buyer's demand curve will be __________________ and the market demand curve will be __________________
A) downward sloping; vertical B) vertical; downward sloping C) vertical; vertical D) downward sloping; downward sloping
Using a production possibilities curve, a technological advance that increases the amount of output for the same amount of inputs would be illustrated as a(n):
A. flattening of the curve. B. movement from one point to another point along the curve. C. outward shift of the curve. D. movement from a point on the curve to a point inside the curve.