Resources that flow through the circular flow of GDP include all of the following except
a. land
b. labor
c. capital
d. consumption goods
e. entrepreneurship
D
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A profit-maximizing monopoly will never operate in the portion of the demand curve with MR equal to
A) 3. B) 2. C) 1. D) -1.
It is harder to explain the behavior of firms in oligopoly than in other market structures because in oligopoly
a. the firms act independently of each other b. firms base their decisions on what their rivals do c. only differentiated products are produced d. only homogeneous products are produced e. the demand curve can slope upward
The income effect is thought to offset the substitution effect among very high wage earners
a. True b. False Indicate whether the statement is true or false
which of the following is a private owner prohibited from doing?
What will be an ideal response?