The economic theory of supply assumes that
What will be an ideal response?
suppliers choose among alternatives by comparing their anticipated net benefits.
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Leisure is
A) wasteful to society. B) an inferior good. C) a complementary good to labor. D) a normal good.
"Efficiency" refers to
a. producing output using the least amount of labor b. producing output using the least amount of capital c. producing as far inside the production possibilities frontier as possible d. producing only one out of many possible commodities e. getting the maximum possible output from available resources
Which of the following illustrates government acting as a referee?
A. Taxing high income persons B. Enforcing contract provisions between buyer and seller C. Buying new weapons for defense D. Mailing checks to Social Security recipients E. Collecting data on imports and exports
The demand for labor is derived from the demand for output.
Answer the following statement true (T) or false (F)