A product with qualities that consumers lack the expertise to assess without assistance is called a(n)
A. credence good.
B. experience good.
C. inferior good.
D. search good.
Answer: A
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When a country's production possibilities frontier shifts outward over time, the country is experiencing
A) no opportunity cost. B) economic growth. C) higher unemployment of resources. D) a decrease in unemployment of resources. E) an end to opportunity cost.
Indifference curve analysis is based on numerical measurement of utility
a. True b. False Indicate whether the statement is true or false
Consider a market characterized by the following inverse demand and supply functions: PX = 10 - 2QX and PX = 2 + 2QX. An $8 per unit price floor will result in a
A. surplus of 2 units. B. surplus of 3 units. C. shortage of 3 units. D. shortage of 1 unit.
The additional production resulting from hiring one more worker is
A) marginal physical product. B) marginal cost. C) marginal production. D) additional production.