Interest is the payment for the use of
a. borrowed funds.
b. natural resources.
c. labor.
d. any factor of production.
a
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Suppose improvements in technology cause the supply of natural gas to increase and at the same time the demand for natural gas increases. What are we sure of?
A) Both equilibrium price and quantity increase. B) Equilibrium price increases. C) Equilibrium price decreases. D) Equilibrium quantity increases. E) Equilibrium quantity decreases.
Consider a public road that anyone is allowed to drive on. If the road is often congested, the road would be considered a
a. private good. b. club good. c. common resource. d. public good.
Consider the above figure. At income level Yd = $110, the APS is equal to
A. 0.64. B. -0.36. C. 1.10. D. 0.32
A union model changes the market form from that of perfect competition to that of a
A. monopsony. B. oligopoly. C. monopoly. D. monopolistic competition.