The feature of the rule of law that the text emphasizes is
What will be an ideal response?
reasonably secure property rights and substantial freedom to exchange those rights.
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At the economy's natural rate of unemployment
A. only frictional unemployment exists. B. there is only a relatively small amount of cyclical unemployment. C. only structural unemployment exists. D. the economy is fully employed.
A good or service with a positive externality is one which ______
A. everyone wants to have access to B. is produced in the social interest C. the marginal social benefit exceeds the marginal private benefit D. the marginal external benefit exceeds the marginal private benefit
Along a downward-sloping linear demand curve,
a. slope is constant and elasticity is changing b. slope is changing and elasticity is constant c. both slope and elasticity are constant d. both slope and elasticity are changing e. no generalizations can be made about slope
Firms may reasonably make a decision to cut prices if
a. profits are not likely to decline. b. marginal profit is not negative. c. MR > MC. d. All of the above are correct.