Property that is owned by everyone and therefore by no one in particular is referred to as
A. free property.
B. social property.
C. private property.
D. common property.
Answer: D
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
An efficient price is a price set at:
A) marginal cost. B) opportunity cost. C) average fixed cost. D) average variable cost.
In the above figure, at the profit-maximizing rate of production for the perfectly competitive firm total revenue is
A) $100. B) $70. C) $30. D) $130.
The highest expenditure on a security item found in national spending at the federal, state, and local level is on
a. police b. fire c. corrections d. national defense e. Social Security