According to Douglass North's "market opportunity response" model, surges in land sales in the Old Northwest in the 1810s, 1830s and 1850s were due to
a. improved transportation between the Old Northwest and the Northeast.
b. rising prices for corn and wheat.
c. the growth of manufacturing in the Great Lakes region.
d. large reductions in property tax rates.
b. rising prices for corn and wheat.
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For a given level of inflation, if concerns about future weakness in the economy cause businesses to reduce their spending on new capital, then the ________ shifts ________.
A. short-run aggregate supply line; upward B. aggregate demand curve; left C. short-run aggregate supply line; downward D. aggregate demand curve; right
At the output level that maximizes economic surplus
A. consumer surplus exceeds producer surplus by the greatest amount. B. marginal benefit exceeds marginal cost by the greatest amount. C. the maximum willingness to pay for the last unit of output equals the minimum acceptable price of that unit of output. D. the areas of consumer and producer surplus necessarily are equal.
Explain how network externalities act as a barrier to entry
What will be an ideal response?
If Jason's fixed cost totals $800 with variable cost per unit of $10 at a quantity of 100 units, what would his average total cost equal?
a. $8.10 b. $18.00 c. $90.00 d. $91.00