Wants are
A. the things people would consume if they had unlimited incomes.
B. the things people consume with their income.
C. all the things people really need in order to live comfortably.
D. another term for needs.
Answer: A
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Nontariff barriers to trade are less transparent than tariffs
Indicate whether the statement is true or false
Discrepancies in profitability tempt rivals to charge the more profitable consumers somewhat lower prices in order to lure them away from the firm that is "overcharging" them. This practice is referred to as
a. collusion. b. price dealing. c. skimming. d. market penetration.
Why do economists insist on emphasizing the difference between money and income? Why is this difference important in macroeconomics?
What will be an ideal response?
Figure 13.1 shows a demand and costs of an unregulated monopoly. The negatively sloped long-run average cost curve reflects that:
A. the firm's total cost of production decreases as its output increases. B. the firm's profit increases as its output increases. C. there exist large economies of scale in production. D. All of these are correct.