What do property rights usually depend on?
Obligations are the backside of rights. Your right to payment from me depends on your meeting the delivery obligations of our contract.
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Over a particular price range, if the quantity effect of a price decrease is smaller than the price effect, it implies that:
A) demand is elastic in the price range. B) demand is inelastic in the price range. C) the demand curve is horizontal in the price range. D) the demand curve is upward sloping in the price range.
Suppose Barry is maximizing his utility from consuming used paperback novels and audio books. The price of a used novel = $4 and the price of an audio book = $8
If the marginal utility of the last novel was 32 units of utility (utils) what was the marginal utility of the last audio book purchased? A) 2 utils B) 12 utils C) 16 utils D) 64 utils
The ability of a country to produce a good or service at a lower cost than its trading partners is
A. its absolute advantage. B. its comparative advantage. C. both its absolute and comparative advantage. D. neither its absolute nor its comparative advantage.
Consumers benefit from monopolistically competitive markets because:
A. they only have one good from which to choose. B. in this type of market, producers supply goods in a variety of locations or with a variety of characteristics. C. in this type of market, goods are sold at a price equal to the marginal cost of production. D. goods are sold at a price equal to marginal revenue.