A tax reduction shifts the consumption schedule downward
a. True
b. False
Indicate whether the statement is true or false
False
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If the best surgeon in town is also the best at cleaning swimming pools, then according to economic reasoning, this person should
A) split his time evenly between being a surgeon and cleaning swimming pools. B) pursue the activity he enjoys more. C) specialize in being a surgeon because its opportunity cost is lower. D) specialize in cleaning swimming pools because it is more labor-intensive.
Political stability is not a prerequisite to economic growth
Indicate whether the statement is true or false
Total surplus increases under monopoly when compared to perfect competition.
a. true b. false
Amount of a good or service that buyers are willing and able to purchase at the current price
What will be an ideal response?