Resources are allocated among households and firms with little or no goverment interference
What will be an ideal response?
market economy
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The set of tangencies between isoquants and isocosts is the firm's
a. production function. b. returns to scale. c. output maximization curve. d. expansion path.
Commodity money has intrinsic value
Indicate whether the statement is true or false
The divergence between money costs and opportunity costs will be greatest in which of the following situations?
a. A university purchases 100 computers. b. A university employs people from town in the commissary (people prefer this job to working in the paper factory). c. A university employs otherwise unemployed teenagers to paint crosswalks and curbs. d. A university replaces the roof of the fine arts building.
Describe how a study group of economics students could experience economies of scale as they study for an economics exam