Homogeneous products are distinguishable from each other.
Answer the following statement true (T) or false (F)
False
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Which of the following is likely to increase the total efficiency units of labor in an economy?
A) An increase in the level of education attained by each worker B) An increase in the amount of capital available to each worker C) An increase in the inflation rate in the economy D) An increase in the unemployment rate in the economy
Which of the following is necessary for a market to be deemed "perfectly competitive"?
A) All firms are price searchers. B) All participants enjoy full and complete information. C) Sellers produce of different quality, durability, and desirability. D) All of the above are necessary. E) None of the above are necessary.
What term do economists use to refer to the satisfaction that an individual expects to receive from consuming a good or service?
a. Utility. b. Response. c. Usability. d. Demand. e. Desirable.
In the long run,
a. inputs that were fixed in the short run remain fixed. b. inputs that were fixed in the short run become variable. c. inputs that were variable in the short run become fixed. d. variable inputs are rarely used.