In economic terms, what is achieved when the economy gets the most out of its scarce resources?
a. equilibrium
b. specialization
c. efficiency
d. advantage
c. efficiency
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In the twentieth century, Russian peasants noticed that during cholera epidemics there were lots of doctors around; in an attempt to eliminate cholera, they killed all the doctors. This is an example of
A. mistaking correlation with causation. B. the fallacy of opportunism. C. excessive abstraction. D. rationality. E. marginal analysis.
If the demand for hamburgers decreases, the equilibrium price
A) rises and the equilibrium quantity increases. B) falls and the equilibrium quantity increases. C) rises and the equilibrium quantity decreases. D) falls and the equilibrium quantity decreases.
The university you attend needs to increase total revenue. The president suggests that by raising tuition by 5%, total revenue will increase. However, after the tuition increase, total revenue actually fell
What can you infer about the price elasticity of demand for an education at your university? Why is this likely to be true? What did your university president assume to be true about the price elasticity of demand for an education at your university?
The major characteristic of a monopoly is
a. the degree of control over price it can exercise. b. its ability to produce numerous products. c. its price elasticity of demand. d. its source of revenue.