____ yields the same results as the theory of perfect competition, but requires substantially fewer assumptions than the perfectly competitive model
a. Baumol's sales maximization hypothesis
b. The Pareto optimality condition
c. The Cournot model
d. The theory of contestable markets
e. none of the above
d
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The takings clause indicates that private property can be seized only if the property in question is being taken for public use. Does "public use" mean using seized property only for pure public goods and services? Explain your answer
What will be an ideal response?
According to the above table, which assumes that opportunity costs of producing goods X and Y are constant, the opportunity cost of producing one unit of Good X is ________ units of Good Y for Chen and ________ units of Good Y for Holly
A) 25; 100 B) 0.5; 2.5 C) 2; 0.4 D) 100; 25
When one observes consumption and investment patterns over time, one finds that:
a. like consumption, investment is fairly stable over time. b. like consumption, investment is fairly erratic over time. c. unlike consumption, which is fairly stable over time, investment is subject to erratic fluctuations. d. unlike consumption, which is subject to erratic fluctuations, investment is fairly stable over time. e. investment is rarely affected by technological and economic factors.
If immigration is limited, it will move the aggregate supply curve left, due to a decrease in