The social arrangements that govern the ownership, use, and disposal of property are referred to as
A) the double coincidence of wants.
B) capitalism.
C) private enterprise.
D) property rights.
D
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If Terry's total utility is maximized when he owns 10 pairs of shoes, then Terry's total utility from owning 7 pairs of shoes is ________ Terry's total utility from owning 8 pairs.
A. less than or equal to B. less than C. greater than D. equal to
The first unit of an information product is produced at a high fixed cost. Producing additional units entails relatively low
A) total costs. B) marginal and average variable cost. C) external cost. D) social cost.
According to the text, all of the following are reasons for firms to merge except
a. to exercise greater market control b. to increase control over suppliers of their inputs c. to increase control over buyers of their products d. to diversify assets e. to form a cartel
Horizontal contracts often
a. Increase competition between substitute products b. Eliminate competition between substitute products c. Do not change the competition between substitute products d. None of the above