A market economy cannot produce a socially desirable outcome because individuals are motivated by their own selfish interests
a. True
b. False
Indicate whether the statement is true or false
False
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The additional payment a borrower has to make on a loan is referred to as:
A) credit. B) stock. C) principal. D) interest.
A union can induce a rise in equilibrium wages in a unionized industry by
A) not striking. B) successfully increasing the demand for union labor. C) successfully decreasing the demand for union labor. D) reducing the marginal revenue product of firms employing union labor.
Total cost is calculated as
a. FC + MC b. FC / MC c. (VC + FC) / MC d. VC + FC e. VC ? output
If food is measured on the horizontal axis of budget line diagram, and clothing is measured on the vertical axis, an increase in
a. the price of clothing will make the budget line steeper b. income will make the budget line steeper c. income will make the budget line flatter d. the price of food will make the budget line steeper e. the price of food will make the budget line flatter