The economic point of view assumes central bankers, bureaucrats, elected politicians, and tax collectors
A) are immoral.
B) act selfishly.
C) respond to incentives.
D) act in the national interest.
C
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Taken together, iPod and iTunes are ________.
A) substitute goods B) complementary goods C) competitive goods D) monopolistic goods E) intangible goods
Other things constant, which of these is likely to increase the supply of tomatoes in the market?
What will be an ideal response?
Recall the Application regarding the elasticity of demand for public transit varying over time to answer the following question(s).According to the Application, the demand for public transit is in the short run is ________, so a 10 percent increase in the transit fare will decrease ridership by ________.
A. 0.40; 4 percent B. 0.60; 6 percent C. 0.50; 5 percent D. 0.7; 7 percent
When price is greater than both marginal cost and average variable cost, the perfectly competitive firm
A. should increase its level of output. B. is maximizing economic profit. C. should reduce its level of output. D. should stop production.