The price paid to a resource in totally fixed supply is called
a. economic rent
b. economic profit
c. wages
d. interest
e. opportunity cost
A
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A President who favors the use of government spending and taxes as tools to offset instability in the economy is likely to have advisers who are oriented toward
A) Keynesian economics. B) Monetarist economics. C) rational expectations. D) the policies advocated by Milton Friedman.
A monopolist determines the profit-maximizing output
A. at any point it wants because it is the only producer of the product. B. at the point at which MR = MC. C. at the point at which TR is maximum. D. at the point at which TR = TC.
Refer to the information provided in Figure 2.3 below to answer the question(s) that follow.
Figure 2.3Refer to Figure 2.3. Assume that this society's production possibility frontier is represented by Panel C. The opportunity cost of sailboats in terms of surfboards is
A. decreasing. B. increasing. C. infinite. D. constant.
Possible causes of an upward-sloping demand curve are
A. consumers judge the quality of a product based on quality. B. consumers judge the quality of a product based on price. C. consumers judge the quality of a product based on recommendations by friends. D. consumers judge the quality of a product based on reviewer ratings.