According to economist Joseph Schumpeter, technological advance is more likely to occur in a monopoly than in perfect competition
Indicate whether the statement is true or false
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Which statement is true?
A. The number of people living on family farms has been increasing in recent years. B. Most farm subsidy payments go to large corporate farms. C. The United States' huge agricultural surpluses have completely eliminated starvation in this country. D. None of the statements are true.
If the firm were to produce 154.92 units of output,
a. efficient scale would be realized. b. ATC would be at its minimum value c. the firm would sustain a loss of more than $2.000 d. All of the above
Which of the following statements accurately contrasts individual behavior and group behavior?
a. Group behavior is more predictable than individual behavior. b. Group behavior is more dishonest than individual behavior. c. Group behavior is more varied than individual behavior. d. Group behavior is more objective than individual behavior.
Gains from trade will be possible as long as
A) people have different endowments. B) people place different values on some goods. C) marginal rates of substitution are equal across individuals. D) excess supply equals excess demand.