By enjoying more consumer goods today, the economy spurs growth in future consumer goods
a. True
b. False
Indicate whether the statement is true or false
False
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You participate in a taste test for a new protein supplement called "Kapow." You are given five consecutive one ounce vials of the supplement and after consuming each vial you are asked to note your reaction
You consume the first vial and your response is: "Hmmm, quite good!" After the second, you say, "Not bad at all." After the third, you note, "It's alright." and after the fourth you wince, "No more, the after-taste is getting to me. I need water." What economic principle does this scenario illustrate? Define the principle.
Examples of agency addressing social regulation include
A) OSHA B) EPA C) FDA D) all of these choices
Which of the following statements is a defining feature of a corporation?
a. The owners of a corporation face unlimited liability on debts. b. A corporation owns and operates units only in foreign countries. c. A corporation is created by a verbal agreement. d. A corporation that is based on a verbal agreement is also recognized by State law. e. A corporation has a legal identity that is separate from that of its owners.
What gives the monopolistically competitive firm some degree of monopoly power?
a. differentiated products b. identical products c. high long-run economic profits d. zero long-run economic profits