The rules of the game refer to:
a. any factor that facilitates production and exchange, such as tax laws and property rights.
b. a gradual but consistent change in the price level until a fair price is attained
c. the set of election laws that ensure that all elections are fair.
d. the rules that a firm must follow in order to earn a profit.
e. the requirement that households must supply labor to firms.
a
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If the demand curve for orange juice is expressed as Q = 2000 - 500p, where Q is measured in gallons and p is measured in dollars, then at the price of $3, elasticity equals
A) -0.33. B) -3. C) -9. D) -17.
Refer to the table below. Relative to Free Cows, Happy Cows' marginal cost curve is ________, which makes an accurate forecast ________ valuable to the managers of Happy Cows.
Happy Cows and Free Cows are two separate perfectly competitive dairy farms. The table above shows the respective firms' marginal cost at various production levels.
A) steeper; more
B) flatter; less
C) steeper; less
D) flatter; more
The amount that must be paid to an individual to get them to invest in the industry is
A) a normal rate of return. B) the explicit costs. C) reinvestment. D) financial capital.
In an antitrust lawsuit, which of the following parties is entitled to receive treble damages?
a. The Antitrust Division of the Justice Department b. The Federal Trade Commission c. Private plaintiffs d. State attorney generals e. The Department of Labor