In the market system, prices tend to guide resources from less important to more important uses.
Answer the following statement true (T) or false (F)
True
You might also like to view...
Mention some applications of real options
Externalities are consequences visited upon those individuals residing outside decision processes
Indicate whether the statement is true or false
To increase their individual profits, members of a cartel have an incentive to
a. charge a higher price than the other members of the cartel. b. increase production above the level agreed upon. c. ignore the choices made by the other firms and act as a monopolist. d. charge the same price a monopolist would charge.
A straight-line production possibilities curve takes this shape because
A. resources are better suited for producing one output than another. B. resources are fixed. C. the opportunity cost of producing more of a good is decreasing. D. the opportunity cost of producing a good is constant.