Two goods with a low cross elasticity of demand are competing in the same market
a. True
b. False
Indicate whether the statement is true or false
False
Economics
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When a firm has earnings it has not yet paid out to the owners, those earnings are called
A) surplus capital. B) cash reserves. C) unearned income. D) retained earnings.
Economics
Explain what diminishing marginal utility is.
What will be an ideal response?
Economics
When you purchase a new surfboard you do so in the
A) resource market. B) product market. C) input market. D) factor market.
Economics
Redistribution of income from the rich to the poor is achieved from a tax system that requires taxes to rise with income. Which of the following criteria best explains the goal of this tax system?
A. stability B. growth C. efficiency D. equity
Economics