Once a bargain has been reached and involved parties have agreed to an arrangement, there is no need for either party to monitor and enforce the agreement
Indicate whether the statement is true or false
FALSE
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The South African diamond production monopoly is an example of monopoly through
A. “patent power.” B. legal restriction. C. control of scarce resources. D. large sunk costs.
Refer to the indifference curve in Figure 3.3. Which of the following is true about the MRS?
A) It is negative. B) It is positive. C) It is equal to zero. D) It is undefined.
The implicit cost of ownership:
A. is a cognitive bias if it goes ignored. B. leads people to value things more once they possess them. C. is a nonmonetary opportunity cost that is often overlooked. D. All of these are true.
Which of the following is(are) basic feature(s) of a perfectly competitive industry?
A. Buyers and sellers have perfect information. B. There is free entry and exit in the market. C. There are no transaction costs. D. All of the statements associated with this question are correct.