Input proportions are usually fixed by technological conditions alone
a. True
b. False
Indicate whether the statement is true or false
False
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An economic system that answers the What, How, and For Whom questions using prices determined by the interaction of the forces of supply and demand is a:
a. market economy. b. command economy. c. traditional economy. d. none of these.
A firm's market share can be measured by
a. firm's sales/industry sales b. industry sales/firm's sales c. the concentration ratio d. the HHI e. firm's sales/firm's profits
Which is true?
A. M1 is part of M2, but M2 is not part of M3. B. M1 is not part of M2, but M2 is part of M3. C. M1 is part of M2, and M2 is part of M3. D. None of the choices are true.
For all practical purposes, the supply of land is:
A. almost perfectly inelastic. B. negatively sloped. C. relatively elastic. D. perfectly elastic.