One reason why it is very difficult to write optimal military procurement contracts is because _____
a. there are numerous possible producers
b. the military purchases many goods
c. new technology often has to be developed
d. there are many possible consumers of the product
c
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"The market basket used to calculate the CPI is revised monthly to more accurately depict consumers' choices. The price data for the CPI are collected every month." Are the previous sentences true or false?
What will be an ideal response?
The term "human capital" refers to how many people must work to produce a product
a. True b. False Indicate whether the statement is true or false
Bundles that lie above the indifference curve are preferred to bundles that lie below. This is an example of
A. completeness. B. transitivity. C. more is better. D. convexity.
Use the table below to answer the next question for a perfectly competitive firm.OutputTotal RevenueTotal Cost0$0$501407428094312011741601425200172The marginal revenue generated from the third unit of output is
A. $160. B. $120. C. $40. D. $50.