In modern China contracts are largely enforced by:
a. plans
b. the rule of law
c. common law
d. Roman law
e. state and party officials
E
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In the above figure, at the efficient quantity of CDs
A) total consumer surplus is zero. B) total producer surplus is zero. C) the sum of consumer surplus and producer surplus is maximized. D) Both answers A and B are correct.
The spread of innovation through imitation refers to:
A. invention. B. diffusion. C. duplication. D. diversification.
If a scalper for the Super Bowl is able to charge $5,000 for a front-row seat, this suggests that
A) at the regular price, there is a surplus of Super Bowl tickets. B) at the regular price, there is a shortage of Super Bowl tickets. C) at the regular price, the quantity of Super Bowl tickets demanded equals the quantity supplied. D) the scalper is making the football fan worse off.
The issuing of tradeable pollution permits is a government-involved approach to dealing with pollution.
Answer the following statement true (T) or false (F)