A goal of libertarians is to provide citizens with equal opportunities rather than to ensure equal outcomes
a. True
b. False
Indicate whether the statement is true or false
True
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Give a complete but concise definition of the following terms. a. perfect competition b. perfectly competitive firm's demand curve c. shutdown point d. long-run equilibrium in perfect competition
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Consumers in a country buy only two goods, sneakers and manicures. The prices and quantities purchased by urban households are in the table above. The reference base year is 2011. For these data, the CPI for 2011 is
A) 110. B) 3. C) 145. D) 160. E) 100.
Campbell recently began running his brother's lumber mill. Last month he took in $10,000 in sales revenue and paid $6,800 in out-of-pocket costs. He made an economic profit last month if his implicit costs were:
a. $2000. b. $3200. c. $4800. d. $6600.
Describe the three stages of economic analysis.
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