In economics, resources are also known as
A) minerals.
B) factories.
C) factors of production.
D) human capital.
C
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If the quantity of wood purchased decreases when the price of wood rises, a graph representing these variables would have
A) time on the vertical axis. B) the slope on the vertical axis. C) a negative slope. D) a positive slope.
Which of the following statements is false?
a. The Clayton Act allows triple damages in civil lawsuits in order to encourage lawsuits against conspiring oligopolists. b. Many economists defend the practice of resale price maintenance on the grounds that it may help solve a free-rider problem. c. Most economists agree that predatory pricing is a profitable business strategy that usually preserves market power. d. The U.S. Supreme Court's view that the practice of tying usually allows a firm to extend its market power is not generally supported by economic theory.
Suppose Cathy and Lewis work in a bakery making pies and cakes. Suppose it takes Cathy 1.5 hours to make a pie and 1 hour to make a cake, and suppose it takes Lewis 2 hours to make a pie and 1.5 hours to make a cake. Which of the following statements is correct?
A. There are no gains from specialization and trade. B. Cathy should specialize in both pies and cakes. C. Cathy should specialize in pies, and Lewis should specialize in cakes. D. Lewis should specialize in pies, and Cathy should specialize in cakes.
Which statement is true?
A. Price is calculated by dividing output by total revenue. B. The lowest point on the short-run supply curve is at the break-even point. C. When price exceeds marginal cost, a profit-maximizing firm will decrease production. D. The marginal cost curve intersects the average total cost curve at the break-even point.