An exchange will take place between two parties as long as:
a. the seller benefits from it.
b. the buyer benefits from it.
c. any one of the parties benefit from it.
d. both the parties benefit from it.
D
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The short run is
A) usually 3 - 6 months. B) dependent on the characteristics of the industry. C) when a firm has to decide whether or not to exit. D) identical to the long run for most firms.
The provision of an education in public school is
A) exclusive and rival. B) exclusive and non-rival. C) nonexclusive and non-rival. D) nonexclusive and rival. E) a public good, regardless of exclusivity and rivalness.
Betty goes out to enjoy a bouffe with her friend instead of practicing calculus problems for her maths examination that is due the following day. This implies that the opportunity cost of the bouffe to Betty is zero
a. True b. False Indicate whether the statement is true or false
As long as a firm can freely dispose of any extra inputs it may have:
A. its production function must slope downward. B. its production function must be concave. C. its production function must slope upward. D. its production function must be convex.