The saying that "You cannot have your cake and eat it too" illustrates the economic concept of
A) a positive statement.
B) a normative statement.
C) physical capital.
D) opportunity cost.
Answer: D
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In Book 23 of Homer's Iliad are these words: "The winner was to acquire a fire-straddling tripod valued at twelve oxen by the Akhaians. As for the loser, in their midst Akhilleus placed a woman versatile at crafts, whose value was four oxen." What does this passage tell us about economics in the Iliad?
A. Oxen were used as the medium of exchange. B. Oxen were used as the unit of account. C. Oxen were the best way to store wealth. D. Oxen were used as legal tender.
Economists ________ because even firms in highly concentrated industries can be pushed to produce efficiently under certain market circumstances.
A. no longer attack industry concentration at all B. continually attack industry concentration C. no longer attack industry concentration with the same fervor they once did D. attack industry concentration with much more fervor than they once did
Assume there is a decrease in the supply of a product produced in a perfectly competitive market. All else constant, in the short run this will cause the profits of firms that produce substitutes for the good in question to increase
Indicate whether the statement is true or false