An example of third parties in the market of automobiles is
A) a pedestrian that is affected by the polluted air from automobiles.
B) a producer of automobiles.
C) a consumer of automobiles.
D) None of the above belongs to third parties.
A
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How are efficiency and inefficiency represented on a production possibilities frontier?
What will be an ideal response?
In the utility maximizing model, consumer preferences are assumed to be transitive. What does this mean?
A) that consumers have the freedom to change their preferences from time to time B) that consumers prefer more of a good to less C) that consumers go through cycles in their consumption behavior D) that consumers have preferences that are relatively consistent in the time period under consideration
Which of the following industries would be considered to have a labor intensive production process?
A. Building a road. B. Driving a truck. C. Printing a novel D. Farming in a poor country
Briefly explain how economies of scale are present in a natural monopoly.
What will be an ideal response?