The laws of supply and demand did not apply to elephant tusks.
Answer the following statement true (T) or false (F)
False
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One of the assumptions underlying the production possibilities curve for any given economy is that:
a. the state of technology changes. b. there is an unlimited supply of resources. c. there is full employment of resources when the economy is on the curve. d. goods can be produced outside the curve.
__________ is the term that means the percentage of total sales within a given market that each firm in that market receives.
a. Market share b. Exclusive dealing c. Concentration ratio d. Cost-plus ratio
The rental price of capital is
a. determined outside the realm of factor markets. b. the price paid to use capital for a limited time period. c. the price paid for ownership of the capital. d. always more than the purchase price.
The profit-maximizing level of output for a monopolist is the one at which marginal revenue equals marginal cost.
Answer the following statement true (T) or false (F)