A change in the price of a good will shift the indifference curves.
Answer the following statement true (T) or false (F)
False
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The marginal revenue curve for a perfectly competitive firm
A) is the same as its demand curve. B) is perfectly inelastic. C) is downward-sloping. D) is the same as its marginal cost curve.
Treble damages are equal to ________ times the amount of damages suffered by the ________.
A) five; cartel firm B) five; winning plaintiff C) three; cartel firm D) three; winning plaintiff
The equilibrium price of labor is called:
A. the wage. B. the leisure trade-off. C. income, plus benefits. D. opportunity cost.
Refer to Scenario 1.2 below to answer the question(s) that follow.SCENARIO 1.2: A scientist wants to understand the relationship between automobile emissions and the level of global warming. The scientist collects data on the volume of automobile emissions and the levels of global warming over time. The scientist concludes that a 1% increase in automobile emissions causes a 0.0003% increase in average global temperatures. From this information he concludes that the automobile emissions are harmful to the environment and should be reduced to stop the increase in global temperatures.Refer to Scenario 1.2. The statement that an increase in automobile emissions causes an increase in global warming is an example of
A. an economic theory. B. normative economics. C. deductive reasoning. D. a fallacy.