Economic reasoning that is true for one individual but not for society as a whole is referred to as
A) Fallacy of composition. B) Specialization.
C) Generalization. D) None of the above.
Answer: A
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A computer software program is most strongly an example of
A) real property. B) fiat property. C) intellectual property. D) vicarious property.
How can we determine separately the cost of producing ham hocks from the cost of producing bacon?
A) By separately estimating the labor time it takes to butcher the hocks and the bacon B) By separately calculating the weight of the hocks and the bacon as percentages of total useable meat C) By consulting the average industry costs of ham hocks and bacon D) There is no way to determine the specific costs of joint products.
In the figure above, the deadweight loss created if the industry changes from perfectly competitive to a single-price, unregulated monopoly is
A) zero. B) $8.00 per day. C) $24.00 per day. D) $36.00 per day.
Refer to Figure 12-7. If the market price is P2 the firm
A) will make a profit and produce a quantity of Q2. B) will break even and produce a quantity of Q2. C) will make a profit and produce a quantity of Q1. D) will make a profit and produce a quantity of Q3.