In the early colonies, private landholdings
a. gradually replaced common ownership.
b. occasionally supplemented common ownership.
c. were only legalized after 1650.
d. were the norm from the very beginning of colonization.
a. gradually replaced common ownership.
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In the above figure, what is the marginal social cost to the economy of producing the four-hundredth pretzel?
A) $0 B) $2.00 C) $4.00 D) None of the above answers are correct.
A firm's marginal cost equals the:
a. ratio of total cost to total quantity. b. slope of the demand curve under perfect competition. c. slope of the total product curve when the latter is at its maximum. d. change in total cost divided by the change in total output. e. slope of the supply curve.
The fallacy of composition deals with problems associated with ______.
a. aggregation b. causation c. correlation d. scarcity
The implication of Say's law is that
A. a barter economy is the most efficient economy. B. overproduction in a market economy is not possible. C. Gross Domestic Product is the same whether we use the expenditure approach or the income approach. D. increased consumption today leads to increased production tomorrow.