Related to the Economics in Practice on p. 673: Protectionism of the kind that is suggested in the petition of the candle makers would most likely result in
A. lower production cost.
B. lower consumption.
C. more efficient production.
D. lower prices.
Answer: B
Economics
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Behavioral economics extends traditional economic models by
A) including insights from psychology and human cognition models. B) modeling behavior rather than prices. C) admitting that individuals are irrational. D) admitting that incentives are very important.
Economics
For a kinked demand curve, the marginal revenue curve is:
a. positively sloped. b. a horizontal line. c. a vertical line. d. discontinuous. e. above the demand curve.
Economics
Total output per worker is also called:
A. total product. B. average product. C. variable product. D. marginal product.
Economics
What is the opportunity cost of going from point D to point C?
Economics