Repair guarantees are a sign the seller thinks they have a lemon.
Answer the following statement true (T) or false (F)
False
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If households consume less at each level of disposable income, they are
A. working less. B. saving more. C. spending more. D. saving less.
A currency system in which exchange rates are determined in free markets is called a
A) gold standard. B) flexible exchange rate system. C) fixed exchange rate system. D) all of the above
Which of the following statements is true?
A) The total cost of production in a perfectly competitive market can be minimized only when the marginal costs across firms in the market are different. B) When a competitive market is allowed to operate efficiently, firms end up producing goods using the least amount of scarce resources. C) Under a perfectly competitive framework, a ruling authority is essentially required to dictate goals for the betterment of society. D) A firm interested in maximizing profits in a perfectly competitive market will produce output at a level where marginal revenue is equal to the price and greater than the marginal cost.
What is an example of lower production costs brought about by the use of technology?
What will be an ideal response?