Refer to Figure 13.2. If Oliver's political views place him at the L4 position and George's political views place him at the C4 position,
Oliver will definitely receive at least ________ votes and George will definitely receive at least ________ votes.
A) 4; 4
B) 4; 5
C) 5; 4
D) 5; 5
A
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A natural resource, such as fishing territories, is considered an example of
A) both land and labor. B) land, labor, capital and entrepreneurship. C) land only. D) only capital.
All of the payment to a factor of production will be economic rent when the factor of production has:
A) an infinitely inelastic supply curve. B) an infinitely elastic supply curve. C) a constant, unit elastic supply curve. D) an infinitely inelastic demand curve.
The monopsonist's labor supply curve is the same as the
a. wage rate b. marginal revenue product curve c. marginal physical product curve d. market labor demand curve e. market labor supply curve
The government sets price ceilings when society believes that the market price for a particular good or service is too high
a. True b. False Indicate whether the statement is true or false