The Coase theorem will ________ if the number of people involved is small.
A. only apply
B. always apply
C. rarely apply
D. never apply
Answer: A
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Refer to the following figure. Which of the following expresses economic growth?
a. Movement from Point U to Point C
b. Movement from Point U to Point D
c. Movement from Point U to Point E
d. A shift of the Production Possibilities Curve from PP1 to PP2
If a 1 percent increase in price causes a 2 percent increase in quantity supplied, then supply is
A) elastic. B) inelastic. C) unit elastic. D) infinite.
Which of the following statements is true?
A. Economic profit is always positive. B. Economic profit is greater than or equal to accounting profit. C. Accounting profit is greater than or equal to economic profit. D. Accounting profit is always positive.
The legislation which outlawed price discrimination for the purpose of reducing competition was the:
A. Sherman Act. B. Clayton Act. C. Robinson-Patman Act. D. Celler-Kefauver Act.