In considering the costs involved for student loans that must be repaid in ten years, this Application is addressing the economic concept of
A) the principle of diminishing returns. B) the real-nominal principle.
C) the marginal principle. D) the principle of voluntary exchange.
B
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An exodus of firms from an industry will shift the demand for labor curve for that industry to the right
a. True b. False Indicate whether the statement is true or false
A large majority of economists favor eliminating the minimum wage
a. True b. False Indicate whether the statement is true or false
The effectiveness of regulation is sometimes criticized because:
A. Regulators try to please everybody B. Of the high profits in regulated industries C. Regulators don't know how to regulate industries D. Regulators usually have been closely associated with the industries they regulate
Why is the price of a scarce exhaustible resource in a competitive market above the marginal cost of providing a unit of the resource?
What will be an ideal response?