List three distinct types of resources
What will be an ideal response?
Natural and Biological Resources, Human Resources (labor), Manufactured Resources (capital)
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Given the total cost and total revenue curves in the figure above, what is the profit-maximizing output level?
A) 30,000 bushels B) 60,000 bushels C) 80,000 bushels D) All output levels occur between 30,000 and 80,000 bushels are profit-maximizing output levels.
Marginal cost pricing regulations for a natural monopolist ensure that
a. b and e b. price reflects the value society places on the last unit produced c. output will continue to grow until the required subsidy is zero d. fair pricing schemes are more profitable e. subsidization will be necessary
The basic liberal solution to welfare dependency is __________.
Fill in the blank(s) with the appropriate word(s).
In well-functioning markets, all of the following reflect the degree of product variety except
A. gains from network externalities. B. differences in consumers' tastes. C. gains from coordination. D. cost economies from standardization.