Common property ownership most likely leads to
A) an efficient allocation of resources.
B) production at a rate at which price is less than social cost.
C) more social justice.
D) an increase of externalities.
Answer: D
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For each $1 of a tax cut, economists expect consumption to
A. decrease by $1. B. decrease by less than $1. C. increase by less than $1. D. increase by $1.
Consider a firm that is trying to determine how many hours to remain open in a day. How would the firm make this decision?
What will be an ideal response?
The demand for corn increases. As a result, the price of corn will ________, and the less elastic the supply of corn, the ________ will be the effect on the price
A) fall; smaller B) fall; greater C) rise; smaller D) rise; greater
The "damaged goods" strategy refers to
a. Trying to sell damaged goods to your customers b. Damaging the goods after they have been paid for but before the shipping c. Incurring additional costs to make the cheaper goods unattractive to high-value users d. Incurring additional costs to make the more expensive goods better quality