In a market system, prices are determined by
a. corporate executives
b. government bureaucrats
c. supply and demand
d. total market demand
e. production costs
C
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Factors of production include
A) the economic system. B) land, labor, capital and entrepreneurship. C) labor and capital (not land, which is fixed). D) only capital, land, and labor.
The figure above shows the market for coffee. When the efficient quantity of coffee is produced, the marginal social benefit from the last pound is
A) $1.00. B) $2.50. C) $3.00. D) $4.00.
Review the following statement. "He who has choice has pain." What is meant by this?
What will be an ideal response?
Increasing marginal returns are generally the result of
a. diseconomies of scale b. increasing costs c. specialization and division of labor d. labor unions e. technology