A perfectly competitive firm currently sells 30,000 cartons of eggs at $1.25 each. If the firm wants to sell one more carton of eggs, the firm:
A.) Should raise its price above $1.25.
B.) Cannot sell an additional carton at any price because there are other egg farmers in the market.
C.) Must sell the carton for less than $1.25.
D.) Should price the carton at $1.25.
D.) Should price the carton at $1.25.
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Hardcover books usually cost much more to purchase than do otherwise identical paperback editions of the same book because
A) hardcover books typically last longer. B) the demand for hardcover books is typically less elastic than the demand for paperback books at the same price. C) the marginal cost of producing hardcover books typically rises as output increases. D) the marginal cost of producing paperback books typically falls as output increases. E) the mergers in the book-publishing industry have encouraged price discrimination.
The increase in redistributive programs as a percentage of the government's budget has led to _____
a. a greater potential payoff for special interests b. a welfare bureaucracy dependent upon the existence of the redistributive program c. a concomitant rise in private charity d. a and b e. b and c
A small increase in productivity growth can have a huge impact on a country's standard of living
a. True b. False Indicate whether the statement is true or false
All of the following are keys to economic development EXCEPT
A. minimizing "creative destruction." B. open economies. C. establishment of a system of property rights. D. an educated workforce.