The notion that buyers determine what will be produced by choosing what they purchase is called consumer sovereignty.
Answer the following statement true (T) or false (F)
True
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Poverty in the United States is defined as having an income that is less than the ____ level that is necessary to provide the basic necessities of life
a. sustainable b. relative c. absolute d. lowest quintile
An outward shift in the labor demand curve implies that
A. employers are now looking to hire fewer workers regardless of the wage. B. employers are now looking to hire fewer workers if the wage decreases. C. a greater number of workers are now more willing to work at any given wage. D. employers are now looking to hire more workers at any given wage. E. demand for the firm's output likely fell.
Monopolists are criticized because they are inefficient. What is meant by this statement?
A. Monopolists could use their resources better elsewhere. B. Monopolists don't innovate enough to control pollution. C. Monopolists produce a large quantity of waste. D. Monopolists usually don't produce at the minimum of the ATC.
Dynaflex Corp. is considering an investment project that costs $900 today. It expects the project will yield income of $350 at the end of years 1, 2, and 3. If the interest rate is 10%, the firm
A. is just indifferent between undertaking the investment and not. B. should forgo the investment. C. should undertake the investment. D. indeterminate from the given information