Which characteristic of competitive markets permits society to answer the WHAT to produce question efficiently?
A. Total cost pricing.
B. Minimum cost pricing.
C. Average cost pricing.
D. Marginal cost pricing.
Answer: D
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What will be an ideal response?
Today, the world is not just experiencing more change or more rapid change, but qualitatively new conditions, particularly a dramatic loss in the ability of states to
a. protect their borders. b. maintain democratic governments. c. control economies. d. wage war.
The figure below shows the domestic demand (Dd) and domestic supply (Sd) curves of mopeds in a country before an import quota is imposed by the government. After the imposition of the quota, the maximum import quantity is QQ.
If the government auctions the quota licenses, how much will it collect as revenue?
A. $76.5 million B. $45 million C. $72 million D. $31.5 million
In the 1990s, Americans savings rate was _____________ than in the 1980s.
A. higher B. slightly higher C. lower D. the same as