Which of the following is most likely to be private property?
A) bees
B) house flies
C) farm raised chickens
D) winds
C
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Suppose that Oscar sells pork in a perfectly competitive market. The market price of pork is $3 per pound. The marginal revenue generated by Oscar from selling the 12th pound of pork would be
A. $4. B. $3. C. $36. D. Not enough information is given to answer this question.
According to this Application, why is the value of Wal-Mart's 2014 sales NOT an accurate measurement of its actual sales impact on the U.S. economy?
A) The sales figure includes the value of purchases from other firms. B) The sales figure did not account for chain-weighted inflation measurements. C) The sales figure was in nominal, not real, dollars. D) The sales figure did not take into account the recession of 2008.
Why do many economists believe that money affects output? What is the empirical evidence in support of that belief?
What will be an ideal response?
If the quantity demanded exceeds the quantity supplied in a market, then the result is which of the following?
a. Deadweight loss b. Inefficiency c. Underproduction d. Each of these are true.