List and describe three different input markets
What will be an ideal response?
The labor market is where household members sell their labor services in exchange for wages. In capital markets, households supply funds for firms to purchase capital equipment. Land and other real property are exchanged in the land market.
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For health care, the perceived marginal benefit ________ the marginal social benefit
A) is less than B) is greater than C) is equal to D) cannot be compared to
The branch of economics which studies how households and firms make choices, interact in markets, and how government attempts to influence their choices is called
A) microeconomics. B) positive economics. C) normative economics. D) macroeconomics.
Is relative PPP a useful equilibrium concept for describing general trends in exchange rates? Under what kinds of circumstances would the concepts of PPP be best applied?
What will be an ideal response?
In a monopoly market structure, the firm (the monopolist) always
A) is the whole industry. B) produces too much. C) sells faulty products. D) earns economic profit.