Product-specific services are often ________, but if they create value for the consumer, they ________ the retail demand.
A) inexpensive; increase
B) inexpensive; decrease
C) costly; decrease
D) costly; increase
D) costly; increase
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In a market supply and demand graph, the socially efficient outcome occurs
a. Where the private marginal benefits intersect with the social marginal costs b. Where the private marginal benefits intersect with the private marginal costs c. Where the social marginal benefits intersect with the social marginal costs d. Where the social marginal benefits intersect with the private marginal costs e. Where externalities are maximized
Recall the Application about property rights, urban slums, and the role of government in a market economy to answer the following question(s).According to the Application, what percentage of the world's population currently lives in urban squatter settlements and therefore has very little housing security?
A. 1% B. 10% C. 30% D. 50%
The central bank of the United States is known as the
A. Federal Deposit Insurance Corporation. B. Department of the Treasury. C. Federal Reserve System. D. Federal Savings and Loan Insurance Corporation.
A soybean farmer sells soybeans in a perfectly competitive market and hires labor in a perfectly competitive market. The market price of soybeans is $6 a bushel, the wage rate is $30, and the farmer employs eight workers. If the farmer is maximizing his profits, then the marginal product of the eighth worker is
A. 0.2 bushels. B. 5 bushels. C. 20 bushels. D. indeterminate from the given information