All markets involve buyers and sellers engaging in exchange.
Answer the following statement true (T) or false (F)
True
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Which of the following is TRUE?
A) When resources are allocated on the basis of personal characteristics, all people who are willing and able to pay the price get the resource. B) When the range of activities to be monitored is large and complex, a command system allocates resources better than a market price. C) When a market price allocates resources, some people who are willing and able to pay that price don't get the resource. D) Force helps support the legal system on which markets function.
When the supply of workers is plentiful, one would predict that market wages would be
a. determined solely by factors that affect supply. b. determined solely by factors that affect demand. c. low, other things equal. d. high, other things equal.
Government always makes individuals better off when it removes them from a prisoner's dilemma setting
Indicate whether the statement is true or false
Figure 10-4 shows the industry's supply and demand curves in panel (1) and the cost curves of a firm in the industry in panel (2).
At S1, the firm is
a. preparing to shut down.
b. incurring losses.
c. earning zero economic profits.
d. earning economic profit greater than zero.