Natural resources are:
A. not considered scarce because no one pays for them.
B. rarely used in production.
C. included in the category of resources called land.
D. available in unlimited quantities.
Answer: C
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Perfect competition ________ a fair outcome ________
A) achieves; because both the fair rules and fair results conditions are met B) achieves; because total surplus is maximized C) does not achieve; because entrepreneurs only earn a normal profit D) does not achieve; because firms must be price takers E) may achieve; if average total costs are minimized
An economist estimates that 0.67 is the price elasticity of demand for disposable diapers. This suggests that disposable diaper producers could
a. advertise more to raise the price elasticity of demand b. encourage more parents to use cloth diapers c. lower the price of disposable diapers to raise more revenue d. raise the price of disposable diapers to raise more revenue e. increase revenue by lowering price elasticity of demand
Describe some of the key controversies regarding global cotton trade between high cost and low cost cotton producers
What will be an ideal response?
Refer to Figure 23.1. If the market price equaled $10, in the short run this firm should
A. Produce where the ATC is at a minimum. B. Shut down. C. Produce with an economic loss. D. Raise the price.