Resource substitutes are resources that enhance one another's productivity, a decrease in the price of one resource increases the demand for the other
Indicate whether the statement is true or false
false
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What is game theory and what light does it shed on the issues faced by duopolists?
What will be an ideal response?
In the short run, costs that arise from resources that cannot vary in quantity are known as ____________, whereas costs from inputs that can vary in quantity are known as ____________
a. fixed costs; variable costs b. explicit costs; implicit costs c. opportunity costs; variable costs d. fixed costs; opportunity costs e. variable costs; fixed costs
Answer the following statement(s) true (T) or false (F)
1. The Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA) was passed in the 1970s. 2. Registration of new pesticides and reregistration of those already on the market are the chief instruments of FIFRA. 3. The Food Quality Protection Act (FQPA) amended FIFRA and TSCA. 4. Pesticide registration results in a formal listing with the EPA that is based on benefit-cost analysis. 5. Legal limits on how much of a pesticide residue can remain on raw or processed food are known as pesticide tolerances.
More cattle are found to have mad cow disease. As a result, consumer confidence in the safety of beef is shaken. What would an economist predict will happen in the beef market?
A) As consumer preferences move away from beef, there is an upward movement along the beef demand curve. B) The demand curve will shift to the left. C) The demand curve does not shift but consumers move to a point lower down the curve. D) absolutely no change in either the quantity demand or the demand for beef