The law of demand holds
A. for individuals, but not for markets.
B. for markets, but not for individuals.
C. for both individuals and for markets.
D. for neither individuals nor for markets.
C. for both individuals and for markets.
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"When a person has an absolute advantage in producing a good, the person necessarily has a lower opportunity cost of producing it." Is this assertion correct or incorrect? Explain your answer
What will be an ideal response?
If a firm’s marginal profit is negative, it should reduce its output level.
Answer the following statement true (T) or false (F)
The unique feature of a progressive income tax is that the higher one's income (up to some point), the __________ one pays
A) more taxes B) higher the tax rate C) less taxes D) lower the tax rate E) none of the above
When economic losses exist in the cereal market, for example, this is an indication that
A. Society's scarce resources are being used in the best way. B. Not enough firms are producing cereal (assuming that the market is perfectly competitive). C. The goods and services that society is giving up (the opportunity cost) are more valuable than the cereal being produced. D. The WHAT to produce question is being answered efficiently.