In an input market, the term input refers to ______.
a. land, labor, and capital
b. wages, rents, and royalties
c. insurance, bonds, and credit cards
d. goods, services, and products
a. land, labor, and capital
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Investment is financed by which of the following?
I. Government spending II. National saving III. Borrowing from the rest of the world A) I, II, and III B) I and II only C) I and III only D) II and III only
When the federal funds rate equals the interest rate paid on excess reserves
A) the supply curve of reserves is vertical. B) the supply curve of reserves is horizontal. C) the demand curve for reserves is vertical. D) the demand curve for reserves is horizontal.
What is one reason activists might lobby the government for regulation limiting the production of a product to less than would normally be in a perfectly competitive market?
A) They value consumer surplus more than producer surplus. B) They value producer surplus more than consumer surplus. C) They seek to avoid future regulation. D) They seek to minimize total surplus.
Which of the following would most likely serve as an example of a monopoly?
a. a bakery in a large city b. a bank in a large city c. a local cable television company d. a small group of corn farmers