voluntary exchange
What will be an ideal response?
willingly exchanging one thing for another
You might also like to view...
Using the above table, when Jefferson's Cleaners hires three workers
A) the average product of labor is greater than the marginal product. B) the marginal product of labor is greater than the average product. C) it has already experienced diminishing marginal returns. D) Both answers A and C are correct.
If the legal and regulatory environment fails to protect property rights and is often used to favor some at the expense of others, which of the following is most likely to be encouraged?
a. productive activities b. a high rate of investment c. rent-seeking and unproductive activities d. competitive markets
As the number of firms in an oligopoly industry decreases, the market moves closer to a __________ market
Fill in the blank(s) with correct word
In the long run, all firms in a perfectly competitive industry
A) earn economic profits. B) break even. C) suffer economic losses. D) sell differentiated products to earn economic profits.