The demand for inputs is a derived demand because
A. it does not come from competitive markets.
B. it depends on the demand for outputs.
C. it is derived from production.
D. it is derived from nature.
Answer: B
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From the economic point of view, "joint costs" are problematic because
A) they can only be determined in markets for illicit drugs. B) there is no way to correctly allocate joint costs. C) they can be measured only by the most sophisticated accounting techniques. D) there is no way to discuss the concept meaningfully.
In a perfectly competitive market, which of the following determines the market price?
A) market demand and a firm's supply B) market supply and a firm's demand C) a firm's demand and its supply D) market demand and market supply
Given a desired reserve ratio of 20 percent, a commercial bank that has received a new deposit of $100 can make additional loans of
A) $0. B) $20. C) $80. D) $120.
If Happy Cleaners and Sparkle Cleaners are in a Cournot oligopoly and Happy Cleaners has a higher cost of production than Sparkle Cleaners, in equilibrium, Happy Cleaners will produce ________ than Sparkle Cleaners and earn an economic profit that is ________ Sparkle Cleaners.
A) more; less than B) less; less than C) less; the same as D) more; the same as