In the absence of an even-handed legal system, high transaction costs will eliminate many potential mutally advantageous trades and the accompanying gains from
What will be an ideal response?
all of the above
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Most food products have low income and price elasticities of demand
Indicate whether the statement is true or false
If the ________ curve is relatively more unstable than the ________ curve, an interest rate target is preferred
A) IS; IS B) IS; LM C) LM; IS D) LM; LM
The reason that a salaried salesman is not working diligently in making high margin sales for the principal could be
a. Adverse selection b. Moral hazard c. All of the above d. None of the above
Which of the following statements explains increasing returns to scale? a. A larger firm can produce at a higher average total cost than a smaller firm. b. A larger firm can produce at a lower average total cost than a smaller firm
c. A larger corporation has lower opportunity costs than a smaller corporation. d. The cost of production for each unit of good in a small firm always increases as output increases.