Government certification of the weights and measures used in business can be justified on the grounds that
What will be an ideal response?
it reduces total transaction costs below what they would be if all individual buyers or sellers had to check for themselves.
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In a perfectly competitive industry, the demand for a single firm's product is perfectly elastic
A) because this firm's output is a perfect substitute for any other firm's output. B) because this firm is a price maker. C) only in the long run. D) because there are many buyers in this market.
Why are there superstar baseball players but no superstar chiropractors?
What will be an ideal response?
If the required reserve ratio is equal to 10 percent, a single bank can increase its loans up to a maximum amount equal to
A) its excess reserves. B) 10 times its excess reserves. C) 10 percent of its excess reserves. D) its total reserves.
Both the social sciences and the natural sciences employ ________ to help them understand the world around them
A) models B) designs C) traditional thinking D) implications