Increases in longevity may contribute to the greater productivity of older creative individuals by allowing them more:
Answer: Resources for collaboration
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Which of the following must exist for a firm to engage in price discrimination?
A) The firm must be able to identify and separate its buyers into different classes, and the low-price buyers cannot resell the product to the high-price buyers. B) The firm must face an inelastic demand. C) The firm must be able to realize economies of scale. D) The firm must have no more than one class of buyer. E) The firm must be a natural monopoly.
Which of the following statements about the substitution effect of a price change is true?
a. It is caused by a change in relative prices. b. It affects the consumer's ability, rather than willingness, to purchase a good. c. It assumes that the consumer substitutes more expensive goods for cheaper ones when income increases. d. It is usually equal to the income effect. e. It may cause the consumer to buy less of the good when its price falls.
Why do opportunity costs primarily differ among nations?
What will be an ideal response?
In an economy where firms in most industries are purely competitive firms, individual firms in each industry would produce ________ products and have a ________ share of industry output.
A. differentiated; large B. differentiated; small C. standardized; small D. standardized; large