Demand curves and other economic relationships
A) are always linear.
B) produce linear regression equations.
C) can take many different functional forms.
D) are dependent upon the type of advertising done.
C
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The additional cost associated with hiring one additional unit of some factor input, such as labor, is referred to as
A) marginal physical product of labor. B) marginal revenue cost. C) marginal factor cost. D) marginal revenue product.
Technical superiority can be a source of entry barriers.
Answer the following statement true (T) or false (F)
Why is it inefficient for an economy to be inside the production possibilities frontier?
The reason people can't have everything they want is because
A) people are selfish. B) scarcity exists. C) there is not enough economic growth in the world. D) none of the above