Mercantilists perceived trade as a zero sum game
Indicate whether the statement is true or false
TRUE
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There are currently N identical firms in a market. If it is a perfectly competitive market, the short-run market supply curve at any given price is
A) N times the supply of an individual firm. B) N - 1 times the supply of an individual firm. C) N plus the supply of an individual firm. D) It cannot be determined from the information provided.
Define the following terms:
a. Human capital b. Investment c. Capital formation d. Property rights
Which of the following consumer choices is most likely made from non-selfish motives?
a. buying two cartons of diet Coke because you are addicted to the drink b. buying clothes on sale even though the manufacturer uses sweat shops c. buying a more expensive washing machine because it is environmentally friendly d. buying the cheapest cell phone because you cannot afford to pay more
A mixed market is one in which:
A. consumers can be buyers and sellers and producers can be sellers and buyers. B. there are different qualities of a good being sold in the market and there is imperfect information about the quality of each good. C. a seller of a good requires that the purchase of one good be tied to the purchase of another. D. demand is positively sloped and supply is negatively sloped.