What is meant by the phrase, "There is no such thing as a free lunch"?
What will be an ideal response?
Markets are generally efficient, which implies that profit opportunities are eliminated quickly.
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Refer to Figure 28-2. At which point are inflation expectations equal to the actual inflation rate?
A) A B) B C) C D) all of the above
The major source of surplus value is:
a. Capitalist philanthropy b. Labor c. Spontaneous order d. Monopoly e. Above Subsistence wages
Why would umbrellas be produced in an arid country whose residents have no demand for such clothing product?
What will be an ideal response?
As successive equal increases in a variable factor of production are added to fixed factors of production, there will be a point beyond which the extra product that can be attributed to each additional unit of the variable factor of production will decline. This is known as the law of
A. diminishing total product. B. decreasing product. C. diminishing marginal product. D. diminishing average product.