Property rights are relatively secure and free from the threat of nationalization in the HPAE
Indicate whether the statement is true or false
TRUE
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Specialization can sometimes create problems such as boredom and repetitive motion injuries
a. True b. False
If tastes for a good decreased and the price of a substitute good increased at the same time, as a result: a. prices would rise
b. prices would fall. c. larger quantities to be exchanged. d. we would not know which direction either prices or quantities exchanged would be altered without more information.
In the long run, if the prices of goods and services paid by consumers increase the long-run aggregate:
A. supply will decrease. B. supply will stay the same. C. supply will increase. D. demand will increase.
Where marginal cost is less than average cost,
A. opportunity cost must have been excluded from the calculation of marginal cost. B. marginal cost must be falling. C. marginal cost must be rising. D. marginal cost may be rising, falling, or constant.