The goal of equity is fundamentally a positive issue
a. True b. False
b
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As more of a good is consumed, the marginal benefit of the good
A) increases. B) decreases. C) remains constant. D) is unpredictable. E) first decreases and then increases.
Jane makes 1000 items a day. Each day she spends 8 hours producing those items. If hired elsewhere she could have earned $250 an hour. The item sells for $15 each. Production occurs seven days a week. If the explicit costs total $150,000 per month, what is her accounting profit?
a. $300,000 b. $60,000 c. $450,000 d. $240,000
Which combination of factors would lead to large price and total revenue changes?
A) inelastic demand for a product and large swings in supply B) elastic demand for a product and small swings in supply C) inelastic demand for a product and constant supply D) a and c E) none of the above
GDP is geographically focused, including all output produced within a nation's borders.
Answer the following statement true (T) or false (F)