The resource termed labor consists of the physical, but not the mental, talents that people contribute to the production process
Indicate whether the statement is true or false
False
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Assume that steak and potatoes are complements. When the price of steak goes up, the demand curve for potatoes:
A) shifts to the left. B) shifts to the right. C) remains constant. D) shifts to the right initially and then returns to its original position.
Refer to Scenario 10.3. Compared to a competitive red herring industry, the monopolistic red herring industry
A) produces more output at a higher price. B) produces less output at a higher price. C) produces more output at a lower price. D) produces less output at a lower price. E) not enough information to relate the monopolistic red herring industry to a competitive industry.
The primary criterion governing U.S. antitrust policy until 1945 was:
A. laissez-faire. B. judgment by structure. C. concentration ratios. D. judgment by performance.
Mathematically the marginal rate of substitution is
A. always a positive number. B. is equal to 1. C. sometimes a positive and sometimes a negative number. D. always a negative number.