GDP is not a perfect measure of well-being because
A) the value of leisure is included in GDP. B) GDP is adjusted for increases in drug addiction.
C) GDP is not adjusted for pollution. D) GDP is adjusted for changes in crime rates.
C
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Cartels:
A. can effectively sustain large profits in the long run. B. are usually illegal. C. can act as if they are a single monopoly. D. All of these statements are true.
Suppose a firm lowers its price in order to increase sales. The lower price will reduce the revenue the firm earns on the:
A. marginal units. B. infra marginal units. C. surplus units. D. incremental units.
The demand for a particular good depends on variables such as:
A. consumer income. B. price of substitutes. C. price of complements. D. All of these.
In the absence of? well-defined property? rights, we would likely find
What will be an ideal response?