Economic rent refers to the price of a factor of production which is fixed in supply
Indicate whether the statement is true or false
TRUE
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What is the more efficient choice: sending one's child to John Q. Public High School at zero dollar tuition or to Purebred Prep School at several thousand dollars a year?
A) High school, because it's much cheaper. B) Prep school, because it's much higher in quality of instruction. C) Prep school, because what matters most is not what you know, but who you know. D) It depends on the decision makers' own evaluations of cost and benefit.
As the price of a pound of peanuts falls, the
A) demand for peanuts increases. B) demand for peanuts decreases. C) quantity of peanuts demanded increases. D) Both answers A and C are correct.
In the above figure, when the quantity equals 400 pretzels
A) consumers are willing to pay $2 for the 400th pretzel. B) producers are willing to supply 400 pretzels for $3. C) producers are willing to supply 400 pretzels for $2. D) the marginal benefit is greater than the marginal cost.
Which statement is true?
A. The first trustbusters were Presidents Franklin D. Roosevelt and Harry Truman. B. The merger of Exxon and Mobil oil companies was a vertical merger. C. The Supreme Court did not use the rule of reason in the ALCOA case of 1945. D. The trend toward concentration of business has declined ever since the passage of the Sherman Antitrust in 1890.