The downward-sloping portion of the marginal cost curve is the only portion that matters in production
Indicate whether the statement is true or false
F
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As a result of a decline in interest rates and a rise in household income, the demand curve for housing has shifted to the right, but has retained the same slope. Consequently, the elasticity of demand for housing
A. has declined. B. has increased. C. has remained unchanged. D. cannot be compared.
Recently, Skooterville has experienced a large growth in population. As a result, the demand curve for telephone service in Skooterville:
A) has shifted to the right. B) has shifted to the left. C) has shifted down. D) Both B and C are correct. E) none of the above
Foreclosure is when a:
A. person is forced to sell his home for less than what it is currently worth. B. person is forced to sell his home for less than what he still owes for it. C. bank takes ownership of a property because the property owner cannot make the mortgage payments due. D. person is forced to sell his home for less than what he paid for it.
The fair results approach to fairness
A) requires property rights and voluntary exchange. B) supports transferring income from the rich and giving it to the poor. C) requires efficient market outcomes. D) ensures that marginal cost equals marginal benefit. E) never creates a big tradeoff.