The Other America, which challenged the notion that we had conquered poverty, was written by ___________.
Fill in the blank(s) with the appropriate word(s).
Michael Harrington
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Which phrase would be most characteristic of pure monopoly?
A. close substitutes B. efficient advertiser C. single seller D. price taker
Which of the following statements is true about revenue?
A) Revenue is calculated by dividing the price per unit by the number of units sold. B) The terms "revenue" and "profit" can be used interchangeably. C) A firm's revenue will increase as its costs increase. D) Revenue is the total amount received for selling a good or service.
Water is essential to life while diamonds, while beautiful, are not essential to life. In the marketplace, diamonds are very expensive while water is relatively cheap. We can resolve this paradox by focusing on
a. total utility rather than average utility b. average utility rather than marginal utility c. marginal utility rather than total utility d. total utility rather than marginal utility e. average utility rather than total utility
What is meant by a final good or service as opposed to an intermediate good or service? Why are only final goods and services included in the calculation of GDP?