Which of the following indicates when Stage II ends and Stage III begins in the short-run production function?
A) when AP = 0
B) when MP = 0
C) when MP = AP
D) when MP starts to diminish
B
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Adam Smith and David Ricardo worked together to develop the law of comparative advantage.
Answer the following statement true (T) or false (F)
Refer to the above figure. A price ceiling has been set at P1, and a black market has opened. The equilibrium black market quantity will be
A) below Q1. B) above Q3. C) between Q1 and Q3. D) Q2.
Emissions permits might be called an allowance.
Answer the following statement true (T) or false (F)
Which of the following sentences about entrepreneurs stands true?
a. They tend to be risk-averse individuals. b. They are more frequently found in societies that support social conformity. c. They help achieve technological progress. d. They are more frequently found in the local population of the developing countries. e. They usually belong to the traditional elite class.