The 3 key economic questions include all of the following EXCEPT
A) "how do we produce these products?" B) "where should these products be produced?"
C) "who consumes the products?" D) "what products do we produce?"
B
You might also like to view...
The supply schedule
A) shows the relationship between the quantity supplied and the price of a good when all other influences on selling plans remain the same. B) is the schedule that suppliers have to keep or else they will be late. C) shows the relationship between the quantity supplied and the price of a good when all other influences on selling plans change. D) shows one quantity at one price. E) is a curve showing the relationship between the amount the sellers are willing and able to sell and the price of that good when all relevant factors change.
In the above figure, the monopsonist will employ
A) L2 at a wage of W2. B) L2 at a wage of W3. C) L1 at a wage of W1. D) L1 at a wage of W3.
Which of the following constituted the majority of federal outlays in 2011?
a. Social security and Medicare b. Defense c. Net interest paid on the national debt d. Welfare
What is likely to occur over the long run if it is easy for new firms to enter an oligopolistic industry?
a. The general level of prices will begin to approach average total cost. b. The general level of prices will rise well above average total cost. c. It will become easier for a cartel to form consensus about pricing decisions. d. The industry will become more oligopolistic and could trigger an antitrust probe.