The production of smoke as a pollutant is a failure of the market system.

Answer the following statement true (T) or false (F)


True

Economics

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Elasticities are often _______ in the short run than in the long run.

a. higher b. lower c. equal d. congruent

Economics

If the price of land is zero,

a. the supply of land is a horizontal line b. rent is zero and land is a free good c. the MRP curve is positively sloped d. land rents are positive e. demand for land is relatively high

Economics

A good for which demand decreases when income decreases is known as a(n) ________ good.

A. normal B. inferior C. complementary D. substitute

Economics

If a monopolist is able to practice perfect price discrimination, there will be no consumer surplus.

Answer the following statement true (T) or false (F)

Economics