Costs that are incurred when people engage in a trade
A) are a waste of resources because they do not create benefits of equal or greater value.
B) can be eliminated by substituting government regulation for voluntary exchange.
C) reduce the amount of exchange that occurs.
D) rise as the number of middlemen increases.
C
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If the marginal net utility of beer is negative, the consumer should buy more beer in order to increase the total utility.
Answer the following statement true (T) or false (F)
What is the relationship between price, marginal revenue, and total revenue for a monopolist?
What will be an ideal response?
What happened to the so-called Asian tigers in the 1960s and 1970s?
a. They underwent a period in which their economies turned into mild communism. b. The literacy rates of these countries declined in this time period (that is, a smaller percentage of the people could read). c. They all became part of the First World. d. They became the most technologically advanced countries in the world. e. They underwent the process of opening their economies and experienced rapid economic growth.
The three noteworthy features of corporations' legal status include all of these except:
a. they are taxed b. special limits are placed on the losses that may be incurred by those who invest incorporations c. the corporation is a distinct entity separate from its owners d. they may invest in the stock market and acquire financing