The scientific method is the dispassionate development and testing of theories about how the world works
a. True
b. False
Indicate whether the statement is true or false
True
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A cartel will break down more easily if
A) there are only a few members. B) industry demand is very stable. C) market prices can be observed easily. D) there are many entrants in the industry.
Specialization according to comparative advantage followed by free trade makes every economy better off
a. True b. False Indicate whether the statement is true or false
A firm's demand curve for labor shifts when the
a. price of its output changes. b. wage rate changes. c. number of available workers changes. d. All of the above are correct.
A seller's reservation price is generally equal to:
A. the market price. B. the seller's marginal benefit from producing an additional unit. C. the buyer's reservation price. D. the seller's opportunity cost of producing an additional unit.