Who said, "Property is the exploitation of the weak by the strong. Communism is the exploitation of the strong by the weak".
A. Adam Smith
B. Seymour Melman
C. Studs Terkel
D. Pierre-Joseph Proudhon
D. Pierre-Joseph Proudhon
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All other factors being constant, a reduction in price tends to cause which of the following?
A) an increase in supply and an increase in demand B) a reduction in supply and an increase in demand C) an increase in quantity supplied and a reduction in quantity demanded D) a reduction in quantity supplied and an increase in quantity demanded
Suppose that at the current level of output, price = $100, MC = $100, AVC = $80, and ATC = $90. Which of the following is TRUE?
A. The firm should decrease output. B. The firm should shut down. C. The firm should increase output. D. The firm should maintain the current level of output.
Answer the following questions true (T) or false (F)
1. The term "trust" in antitrust refers to a board of trustees that has collusive control over different companies. 2. Economic efficiency requires that a natural monopoly's price be set corresponding to the quantity where marginal revenue equals marginal cost. 3. A decrease in the unemployment rate may be represented as a movement from a point on the production possibilities frontier to a point outside the frontier.
Relative prices are an effective way of informing producers of
A) their marginal benefits of production. B) their marginal costs of production. C) both A and B. D) none of the above.