The marginal productivity principle has relevance only in a capitalist economy, and not in a socialist system.
Answer the following statement true (T) or false (F)
False
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A local public good
A. only benefits members of a particular community. B. gives higher benefits than regular public goods. C. requires unanimous voting. D. has become an integral part of the federal government.
Assume the production technology changes for a good that is currently produced in a perfectly competitive market
In particular, the new technology is such that the marginal costs of production for a single firm decline over the entire range of the demand curve for the good in question. How would this affect the number of firms that operate in this market? Explain.
Which of the following products has the least elastic demand?
A. Coca Cola in 12 oz. cans B. all cola drinks C. all carbonated beverages D. all beverages
Bargaining between the management of a company and the management of a union is
A. a bilateral monopoly. B. collective bargaining. C. an open shop. D. a closed shop.