The saying that "You cannot have your cake and eat it too" illustrates the economic concept of
A) a positive statement.
B) a normative statement.
C) physical capital.
D) opportunity cost.
D
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Using the market shares in the table above, if Widgotech buys Widgette the HHI will
A) stay the same. B) rise by 1 point. C) rise by 10 points. D) rise by 18 points.
Technology spillovers are examples of negative externalities
a. True b. False Indicate whether the statement is true or false
The percentage change in the quantity of a good demanded is calculated by:
a. multiplying the absolute change in quantity demanded and the average quantity demanded. b. dividing the absolute change in quantity demanded by the average quantity demanded. c. multiplying the absolute change in quantity demanded and the total quantity demanded. d. dividing the absolute change in quantity demanded by the total quantity demanded.
Hotelling's rule states that
a. The net price of a resource is constant b. The net price of a resource rises at a rate equal to the interest rate c. The net price of a resource declines at a rate equal to the interest rate d. The price of a resource depends on the allocation of property rights e. The price of a resource is efficient as long as all user costs are internalized