it permits people to expand production and achieve rates of output that would otherwise be unattainable
What will be an ideal response?
students will not take as good of care of these commonly owned bicycles as they do their own bicycles
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Rapidly growing developing countries tend to be borrowers on the international capital markets. From this information we may surmise that they have a comparative advantage in
A) future income. B) capital goods. C) disposable income. D) consumer goods. E) present income.
Suppose that a monopolist must choose between two points on its demand curve: it can sell 100 units for $3 each, or it can sell 150 units for $2 each. Which of the following is true?
a. The monopolist is facing elastic demand. b. The monopolist is facing unit elastic demand. c. The monopolist is facing inelastic demand. d. The monopolist is facing perfectly elastic demand. e. The elasticity of demand cannot be determined with the information given.
Ben is exhausting his money income consuming products A and B in such quantities that MUa/Pa = 5 and MUb/Pb = 8. Ben should purchase:
A) more of A and less of B. B) more of B and less of A C) more of both A and B. D) less of both A and B.
In general, the substitution effect of an increase in the price of a normal good:
A. will cause the individual to buy more of that good because they have relatively more income. B. will cause the individual to buy less of that good and more of others because it is relatively more expensive. C. will cause the individual to buy less of that good because they have relatively less income. D. will cause the individual to buy more of that good and less of others because it is relatively less expensive.