If a person who weighs 100 lbs. is riding in an elevator and is joined by a person weighing 120 lbs., what happens to the average weight of persons on the elevator?
a. It falls.
b. It rises.
c. It stays the same.
b
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In the figure above, international trade ________ producer surplus in the United States by ________
A) decreases; $2.88 billion B) decreases; $1.92 billion C) increases; $4.8 billion D) increases; $3.6 billion
A key reason for the existence of firms is that, compared to markets, firms often achieve lower
A) explicit costs. B) transactions costs. C) accounting costs. D) scope of team production.
A difficulty of the barter system is:
(a) Lack of common measure of value. (b) Lack of double coincidence of wants. (c) Difficulty in storage of extra goods. (d) All of the above.
Normative analysis offers decision makers the most valuable information when choosing among alternatives
Indicate whether the statement is true or false