With other things constant, the supply schedule for a particular good indicates the quantities
a. actually sold with different productive capacities
b. supplied with different productive capacities
c. actually sold at various prices of the good
d. supplied at various prices of the good
e. supplied at various prices of the good and with various productive capacities
D
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When access to a common property is unrestricted, why does the resulting social gain fail to be as large as possible? How can an entrance fee increase social gain in this situation?
What will be an ideal response?
A competitive firm will exit an industry in the long run when the market price falls below its
a. marginal revenue. b. marginal cost. c. average cost. d. average variable cost.
A decrease in resource prices will increase the incentive of
a. users to purchase the resource. b. suppliers to provide more of the resource. c. firms to find and develop substitutes for the resource. d. consumers to look for alternatives that do not contain the resource.
Cash is an example of a liquid financial asset.
Answer the following statement true (T) or false (F)