An example of physical capital is a:
A. plow.
B. bank loan.
C. seeds.
D. tree.
A. plow.
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What is the opportunity cost of going from point D to point C?
Spending on the structures, equipment, and software that provide the industrial capacity to produce goods and services for all sectors of the economy is called:
A) inventory investment B) business fixed investment C) residential fixed investment D) consumption
Bread and butter are complements. A decrease in the price of bread results in a(n)
a. decrease in the supply of break b. increase in the demand for butter c. increase in the demand for bread d. increase in resource prices e. violation of the law of demand
A monopolist sells a homogeneous good in several distinct submarkets, and the elasticities of demand differ in these submarkets. If the monopolist selects the rate of output to sell in each submarket by equating marginal revenue and marginal cost, then
A. it is not price discriminating, but merely price differentiating. B. customers in markets with more elastic demand will pay higher prices than customers in markets with less elastic demand. C. customers in markets with more elastic demand will pay lower prices than customers in markets with less elastic demand. D. all customers in all markets end up paying the same price.