The text discussed persuasion and coercion. the discussion concluded that
Ans: It is frequently difficult to differentiate persuasion from coercion.
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Answer the following statement(s) true (T) or false (F)
1. A firm that has not shut down in the short run will not shut down in response to a decrease in the marginal costs. 2. For prices greater than the minimum value of average variable cost, the firm's short-run supply curve coincides with its short-run marginal cost curve. 3. Given two supply curves passing through the same point, the flatter one has the higher elasticity. 4. Industry's supply curves tend to be less elastic than the supply curves of individual firms. 5. The elasticity of supply is positive because prices and quantities are always positive.
Differences in income are most directly related to which of the following economic question?
A) What goods and services are produced? B) In what quantities are various goods and services produced? C) How are goods and services produced? D) Who consumes the goods and services that are produced?
An application of behavioral economics is:
A. time inconsistency. B. thinking irrationally about costs. C. forgetting the fungibility of money. D. All of these are applications of behavioral economics.
In terms of gains from trade, why is it true that taxes cause deadweight losses?