According to information in the textbook, in the early West, many of the open lands were overgrazed. This was largely because
A. landowners charged ranchers a fee to graze their cattle.
B. the lands were unowned.
C. a government policy in effect at the time subsidized cattle production.
D. none of the above
Answer: B
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Labor costs $20 per worker and capital costs $100 per unit. Then, according to the above table, which of the following options for pizza production is economically efficient?
A) Option 1 B) Option 3 C) Option 4 D) Both options 1 and 3 are economically efficient.
Why is a tax inefficient?
What will be an ideal response?
A profit-maximizing monopolist will produce the level of output where
A. marginal revenue is zero. B. price equals marginal cost. C. marginal revenue equals marginal cost. D. marginal cost is minimized.
Figure 4.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $7, we would expect that
A) supply will increase until quantity demanded equals quantity supplied. B) price will increase until quantity demanded equals quantity supplied. C) demand will decrease until quantity demanded equals quantity supplied. D) there will be no change in the price since the market is in equilibrium.