Classical economists believe that all markets are basically competitive and all prices are flexible
Indicate whether the statement is true or false
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Refer to Figure 13.1. Assume the voting method used to select a location for the recreation center is the Borda-count method, where if a town gets ranked #1, it gets 3 points per vote, a town ranked #2 gets 2 points per vote,
a town ranked #3 gets 1 point per vote, and a town ranked #4 gets no points per vote. With this method, the town that gets the greatest number of points is A) Desert Sands. B) Glacier Cove. C) Mountain View. D) Oceanside.
The average total cost curves for plants A, B, C and D are shown in the above figure. Which plant is best to use to produce 20 units per day?
A) plant A B) plant B C) plant C D) plant D
The principal econometric techniques used in measuring demand relationships are:
a. the standard deviation b. regression c. correlation analysis d. the coefficient of determination e. both b and c
____ occurs whenever a third party receives or bears costs arising from an economic transaction in which the individual (or group) is not a direct participant
a. Pecuniary benefits and costs b. Externalities c. Intangibles d. Monopoly costs and benefits e. none of the above