Differences in scientific judgment between economists are similar to all of the following except
a. astronomers debating whether the sun or earth was at the center of the solar system.
b. meteorologists debating the existence of global warming.
c. two politicians arguing about the fairness of the tax code.
d. explorers debating whether or not the earth was flat before the time of Christopher Columbus.
c
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Third-degree price discrimination occurs when a monopoly
a. separates its customers into distinct markets, charging a different price to each group. b. charges different prices for the same good sold to the same customer. c. requires the consumer to pay a separate fee simply for the right to purchase the good. d. charges each customer the maximum that he is willing to pay for each item purchased.
In the above, which figure(s) show(s) both a positive and a negative relationship between the variables?
A) Figure A B) Figure B C) Figure C D) Figure D E) Figure A, B, and D
Output (Bushels of Barley)Marginal Cost(Dollars)10 bushels$0.3020 bushels$0.6030 bushels$0.9040 bushels$1.20 Refer to Table 5.1, which gives Farmer McColl's marginal cost function for barley. If Farmer McColl is currently producing 20 bushels of barley, which of the following is the market price for a bushel of barley?
A. $1.20 B. $12.00 C. $0.60 D. $6.00
Many economists describe the 2007-2009 period in the United States as being a condition of a(n)
a. deflationary gap. b. recessionary gap. c. inflationary gap. d. reflationary gap.