The community indifference curves illustrate the technological capabilities of a country.
Answer the following statement true (T) or false (F)
False
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When a city licenses only 3 taxi firms to serve the market, the city has created a
A) cartel. B) legal monopoly. C) monopolistically competitive market. D) legal oligopoly. E) natural oligopoly.
Why is the demand for an input considered a derived demand?
What will be an ideal response?
The antitrust law that prohibits price discrimination on grounds that it reduces competition is
A) the Federal Trade Commission Act. B) the Clayton Act. C) the Robinson-Patman Act. D) the Sherman Act.
If the economy is producing a combination of goods inside its production possibilities frontier, then
a. workers are on vacation b. a significant number of workers have little education c. some resources are being wasted d. technology must improve before output can increase e. the opportunity cost of producing more output is greater than the value of the additional output that could be produced