According to your text, nineteenth century economist Alfred Marshall believed that technical progress is best accomplished by
a. firms of considerable size that have the resources to engage in research and development
b. universities where basic research is initiated
c. curtailing competition so that firms will not lose money by experimenting in research and development
d. the superior inventive force of a multitude of small competitive firms
e. the government subsidizing research and development
D
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Which of the following move the handling of a common property resource closest to efficiency?
A) ensuring that the sellers of the resource are perfectly competitive B) ensuring that the seller of the resource is a monopolist C) banning the sale of the resource D) banning the use of the resource E) assigning a usage fee for access to the resource
The AIC is a statistic
A) that is used as an alternative to the BIC when the sample size is small (T < 50) B) often used to test for heteroskedasticity C) used to help a researcher chose the number of lags in a time series with multiple predictors D) all of the above
According to the law of demand, the
A. quantity demanded of a good does not vary with price. B. quantity demanded of a good varies directly with price. C. quantity demanded of a good is negatively related to its price. D. quantity demanded depends on the quantity supplied.
What is the law of diminishing marginal product? Is it a realistic concept for describing the real world? Explain
What will be an ideal response?