A nation's economic growth is more rapid when
A) special interest groups acquire the political power to restrict competition.
B) capital resources are devoted to their most efficient use.
C) there are barriers to establishing legal ownership of capital resources.
D) scarce resources are made available for all citizens free of charge.
B
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Refer to Table 13-4. Based on the data in the table, which of the following statements is true?
A) The table summarizes Victoria's short-run, rather than long-run, market for plastic vials. B) Victoria should advertise more in order to increase the demand for plastic vials. C) Victoria could be either a monopolistically competitive or a perfectly competitive firm. D) Victoria should shut down temporarily.
Economists use the term demand to refer to the amount of some good or service consumers are willing and able to purchase at each price.
Select whether the statement is true or false. A. True B. False
What is the relationship between the long-run supply curve in a constant-cost industry and elasticity?
What will be an ideal response?
Refer to Figure 4-1. If the market price is $1.00, what is the consumer surplus on the third burrito?
A) $0.50 B) $1.00 C) $1.50 D) $7.50