The law of demand indicates that as the cost of an activity:
A. rises, the level of the activity may or may not increase depending on the individual.
B. falls, less of the activity will occur.
C. rises, less of the activity will occur.
D. rises, more of the activity will occur.
Answer: C
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Perfect competition ________ an efficient outcome because ________
A) achieves; total surplus is maximized B) achieves; marginal benefit equals marginal cost C) does not achieve; firms do not get to choose their price D) does not achieve; firms produce goods with perfect substitutes E) Both A and B are correct.
A monopoly can gain more from a discovery than someone else who makes the same discovery for the industry
Indicate whether the statement is true or false
"Hidden" or "disguised" unemployment consists of:
a. involuntary part time work b. loss of overtime c. shortened work hours d. All of the above. e. b and c only
Roughly ________ of the increased prices of Japanese automobiles during the 1980s was due to the voluntary export restraints.
a. 25% b. 35% c. 50% d. 95%