Into what four categories do economists divide factors of production?
a. land, labor, capital, and entrepreneurship
b. land, labor, money, and entrepreneurship
c. resources, labor, capital, and entrepreneurship
d. resources, labor, money, and entrepreneurship
Ans: a. land, labor, capital, and entrepreneurship
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A. the West B. the Midwest C. New England D. the South
In which market structure model(s) is product differentiation a significant feature?
a. Perfect competition b. Monopolistic competition c. Monopoly d. Oligopoly e. Both perfect competition and monopolistic competition
The median voter model predicts a strong tendency for both candidates to choose a position away from the middle of distribution
a. True b. False Indicate whether the statement is true or false
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