The primary goal of economics is to help people make money
a. True
b. False
Indicate whether the statement is true or false
False
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A price support on milk is not in the interest of milk drinkers, so why do elected public officials successfully implement milk price supports?
A) Milk price supports are in the public interest. B) A small number of households (dairy farmers) gain a great deal, while the costs of the support program is spread among millions of other (milk drinking) households. C) Dairy farmers are selfish. D) Milk drinkers are generally unselfish.
Explain what is meant by the term opportunity cost
What will be an ideal response?
The Coca-Cola Company has chosen to keep its soda formula a secret, ________
A) because soda is a non-rival good B) to preserve its patent rights C) because the soda formula is a rival good D) to reap the benefits of excludability
Refer to Figure 9.3. The firm's profit it represented by what area?
A. AHID
B. ABCD
C. DCK0
D. EFG0