According to the Latin phrase ceteris paribus:
a) Nothing else changes.
b) Things do not remain equal.
c) Resources are limited.
d) There is no government intervention.
Answer: a) Nothing else changes
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The prices of several essential goods in Agraria almost doubled over the last decade. In order to satisfy the voters, the government of Agraria introduced price controls. What is likely to happen after the introduction of these price controls?
What will be an ideal response?
If a person's labor supply curve is positively sloped, the income effect outweighs the substitution effect
a. True b. False
Specialization: a. is a way for individuals to make the best use of resources by devoting themselves to one primary productive activity. b. is a way for society to become wealthier while not using their resources
c. is a way for people to avoid having to trade. d. increases one's opportunity cost of the activity they choose to specialize in.
Suppose that you own a golf course that is part of a Florida resort. You primarily serve two groups of people: local residents and tourists. Devise a price discrimination strategy that will increase your revenues compared to a single-pricing strategy.
What will be an ideal response?