Labor and capital are often complements in production because the use of capital enhances the productivity of the labor and vice versa
Indicate whether the statement is true or false
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Perfect competition is efficient because all the following conditions hold except ________
A. total product is maximized B. firms maximize profit and produce on their supply curves C. consumers get a real bargain and pay a price below the value of the good D. firms minimize their average total cost of producing the good
If the demand of a good is inversely related to income, it must be
A) a bad good. B) an inferior good. C) a normal good. D) an everyday product.
Although economists and accountants treat many costs differently, they both treat the cost of capital the same
a. True b. False Indicate whether the statement is true or false
A toll collected from each car traveling during rush hour on a congested road is an effective correction to the Tragedy of the Commons for all of the following reasons except the toll provides an incentive for commuters to
a. drive at times other than rush hour. b. use public transit rather than driving. c. drive more fuel-efficient cars. d. car-pool.