By 1913, the dominant method of making basic steel was the open-hearth furnace
Indicate whether the statement is true or false
True
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The price of beef increased by 20 percent and the quantity supplied increased by 10 percent. The supply of beef is
A) elastic. B) perfectly elastic. C) perfectly inelastic. D) inelastic. E) unit elastic.
In analyzing the operation of a firm, an economist assumes the firm wants to
A) maximize total sales. B) maximize total revenue. C) maximize total production. D) maximize total profits.
On a graph of a production possibilities curve, if a point is attainable, then it:
A. must be efficient. B. must completely exhaust all currently available resources. C. might or might not be efficient. D. is efficient only if it does not exhaust all currently available resources.
A major problem with using the egalitarian principle to distribute income is that
A) it would eliminate the incentives that rewards provide in an economic system. B) it is difficult to know when an equal distribution of income has been achieved. C) it would not be fair to the wealthy. D) there exist no mechanisms to carry out such a scheme.