Legally established titles to ownership, use, and disposal of factors of production and goods and services, are called ________ rights
A) government
B) pollution
C) property
D) inefficient
E) private
C
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Slaves had incentives to remain docile, not resist their work demands and continue to depend on slavery as an institution according to Elkins (1959)
Indicate whether the statement is true or false
Monopolies will tend to overproduce goods and charge a higher price than the competitive price.
Answer the following statement true (T) or false (F)
Which of the following would likely be considered as a topic of microeconomics?
A) a nation's unemployment rate B) Gross Domestic Product C) the price of apples D) the effects of fiscal policy on the economy
If a firm employs an extra unit of labor, the additional product generated by employing the extra unit of labor is
A) the marginal physical product of labor. B) the diminished marginal product. C) marginal revenue. D) total product.