In the checkerboard model, the board eventually returned to equilibrium, but the equilibrium result was extreme segregation. This extreme segregation resulted from
A) an outright hatred of neighbors.
B) an extreme dislike of neighbors.
C) a mild preference of neighbors not to be outnumbered.
D) government affirmative action policies.
C
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To find the profit maximizing level of output, a firm finds the output level where
A) price equals marginal cost. B) marginal revenue and average total cost. C) price equals marginal revenue. D) all of the above E) none of the above
Which of the following will not contribute to higher wage rates for labor?
a. increased unionization and decreased nonunionization of employees in the economy b. a rapid increase in the demand for labor c. significantly relaxed immigration standards d. increases in technological advances that are substitutes for labor
GDP uses the market value of goods and services because it:
A. provides the opportunity to compare lists of outputs to see who produced more. B. markets are the only way to value goods and services. C. provides a common valuation that allows us to compare one economy to another. D. is the only data that can be gathered about goods and services.
The free-rider problem is larger for private goods than it is for public goods.
Answer the following statement true (T) or false (F)