As oil prices increase, it becomes more economical to extract oil from sources like tar sands
Indicate whether the statement is true or false
TRUE
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The absence of barriers to entry in monopolistic competition means that in the long run, firms
A) earn an economic profit. B) earn zero economic profit. C) incur an economic loss. D) earn either an economic profit or zero economic profit. E) earn either zero economic profit or suffer an economic profit.
When event B follows event A three times in succession, but people say B following A is "just a coincidence," they usually mean
A) it is highly improbable B will follow A a fourth time. B) it is more common for A to follow B. C) B following A is only a subjective opinion. D) there has not been sufficient observation to connect B positively with A. E) they aren't aware of any causal theory linking B to A.
A theory is:
a. based only on critical factors or variables. b. a simplified abstraction of the real world. c. a detailed description of reality. d. a and b.
_____, uncertainty, and risk of opportunism are the three major reasons due to which U.S. Steel prefers to own its mines, enrichment facilities, and ore carriers
a. Involuntary transactions b. Transaction costs c. Nonspecificity of assets d. Trademark and credibility