In a market economy, which of the following is most important if a worker is going to achieve high earnings?
a. hard work
b. provision of goods and/or services that others value highly
c. having a graduate degree in a field like history or sociology
d. membership in a labor union
B
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If the demand curve is given by Q = a + bp, then b is
A) positive. B) the quantity demanded when price is zero. C) the change in quantity demanded if price changes by 1. D) different at different points on the demand curve.
Along a perfectly elastic supply curve
a. the quantity supplied is always the same b. the price elasticity of demand is always the same c. the price is always the same d. the cross-price elasticity of demand is always the same e. the elasticity of supply is different at each point.
Which of the following is most likely to be a variable cost in the short run?
a. A fee paid to obtain a license. b. The cost of owning machinery. c. The energy costs of running a factory. d. Rent payments for office space.
The goods and services provided by hospitals, doctors, therapists, and pharmacies are collectively referred to as ________
Fill in the blank(s) with correct word