Voluntary trade promotes economic progress because
A) it discourages trade based on the comparative advantage of suppliers.
B) This is a trick question; voluntary exchange does not promote economic progress.
C) it moves goods, services and resources from people who value them less to individuals who value them more.
D) it discourages businesses from seeking lower per-unit costs through adoption of mass production methods.
C) it moves goods, services and resources from people who value them less to individuals who value them more.
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In the above figure, the relationship between income and expenditures is
A) positive. B) negative. C) independent. D) random.
The firms in a perfectly competitive are making an economic profit when new firms enter. The entry shifts the short-run market supply curve ________, the market price ________, and each firm's economic profit ________
A) leftward; rises; decreases B) rightward; rises; increases C) rightward; falls; decreases D) leftward; falls; decreases
The utility of a good or service:
A. is synonymous with usefulness. B. is the satisfaction or pleasure one gets from consuming it. C. is easy to quantify. D. rarely varies from person to person.
What is an oligopoly? Give two examples of oligopolistic industries in the United States
What will be an ideal response?