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