If mining companies are indifferent between operating and not operating a quarry, that quarry is
a. discounted.
b. usurious.
c. marginal.
d. nonexcludable.
c
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If the demand for a product increases as the result of a decline in income, it can be concluded that the
a. product is an inferior good. b. demand for the product is inelastic. c. price elasticity of demand for the product equals unity. d. demand for the product is elastic.
The typical total-cost curve is U-shaped
a. True b. False Indicate whether the statement is true or false
Explain why perfectly competitive markets achieve allocative efficiency.
What will be an ideal response?
Commodity money is a good
A) used as money that has no secondary use. B) that is designated as money by law. C) used as money that also has value independent of its use as money. D) used as money that has no intrinsic value.