Resources are
a. scarce for households but plentiful for economies.
b. plentiful for households but scarce for economies.
c. scarce for households and scarce for economies.
d. plentiful for households and plentiful for economies.
c
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The marginal rate of technical substitution of labor for capital (MRTSLK) tends to be higher
a. the larger the quantity of capital already employed. b. the lower the quantity of capital already employed. c. when a firm is choosing baskets that are technologically inefficient. d. in the short-run compared to the long-run.
Incremental costs
a. are the total costs of abatement and regulation linked to environmental policy b. include only explicit costs c. refer to the change in costs associated with an environmental policy initiative d. include only implicit costs
Which of the following statements about concentration ratios is correct?
A) A high concentration ratio indicates that the industry is a monopoly. B) A high concentration ratio indicates that the industry is monopolistically competitive. C) A high concentration ratio suggests that the industry is characterized by strategic independence. D) A high concentration ratio suggests that the industry is characterized by strategic dependence.
Refer to the above figure. If the market price is equal to A, which statement can be made about economic profits?
A) Economic profits are positive and equal to ABCG. B) Economic profits are positive and equal to ABEF. C) Economic profits are negative and equal to GCEF. D) Economic profits are negative and equal to ABQ 0.