________ regularly trade their own gain against others' lives
A) Corporations
B) Governments
C) Individual people
D) all of the above
Answer: D) all of the above
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The costs in time and other resources that parties incur in the process of facilitating an exchange of goods and services are called
A) implicit costs. B) explicit costs. C) enforcement costs. D) transactions costs.
The absolute price elasticity of demand for a product for which annual expenditures make up a very small share of a typical consumer's budget is probably
A) less than 1. B) equal to 1. C) greater than 1. D) infinity.
In the above figure, the firm will shut down if price falls below
A) F. B) I. C) H. D) E.
If people buy more of a generic brand when consumer income falls, it is an inferior good
a. True b. False Indicate whether the statement is true or false