Refer to the information provided in Figure 3.7 below to answer the following question(s).
?Figure 3.7Refer to Figure 3.7. A decrease in demand is represented by the movement
A. from D2 to D3.
B. from D2 to D1.
C. along D2 from Point B to Point C.
D. along D2 from Point B to Point A.
Answer: B
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If a person takes an action if, and only if, the extra benefits from taking that action are at least as great as the extra costs, then that person is:
A. following the Cost-Benefit Principle. B. not following the Cost-Benefit Principle. C. following the Scarcity Principle. D. not rational.
Examples of assets that are included in household wealth would be
A) stocks, credit cards, and savings accounts. B) stocks, bonds, and savings accounts. C) stocks, bonds, and mortgages. D) stocks, loans owed, and savings accounts.
Which of the following would not be classified as an oligopolistic industry?
A) Defense contractors. B) The recorded music industry. C) The tobacco industry. D) The women's clothing industry.
In the long run, a perfectly competitive firm is expected to generate either an economic profit or an economic loss
a. True b. False Indicate whether the statement is true or false