When there few close substitutes available for a good, demand tends to be
A) relatively elastic. B) perfectly elastic. C) relatively inelastic. D) perfectly inelastic.
C
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The firm's production function is the relationship between the ________ and ________
A) output produced; the quantities of all inputs B) maximum output attainable; the quantity of variable inputs C) possible range of maximum output; the quantity of variable inputs D) maximum output attainable; the quantities of both labor and capital
Which of the following constitutional provisions would help promote economic growth and prosperity?
A) the right of individuals and businesses to compete in markets B) protection of private property rights C) the right of citizens to freely engage in exchange with foreigners D) all of the above
________: the segment of the aggregate supply curve that is perfectly inelastic
Fill in the blank(s) with correct word
If crop dusting on your farm causes your neighbors to have sore throats, then crop dusting is creating
A) only explicit costs. B) opportunity costs. C) external costs. D) internal costs.