A positive cross-price elasticity between two goods implies that the two goods are substitutes.
Answer the following statement true (T) or false (F)
True
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The Desert Land Act (1877) and the Cary Act (1894) liberalized the terms for preemption that had been set originally in the 1862 Homestead Act
Indicate whether the statement is true or false
You purchase a bag of chocolate chips for $3, a bag of flour for $1, a bag of sugar for $.50, a half dozen eggs for $.50, and a half pound of butter for $2. You use all these ingredients to make three dozen cookies. Your roommate offers you $15 for them, and you happily accept. How much does this process contribute to GDP?
A. $7 B. $15 C. $22 D. $8
Negative externalities lead markets to produce
a. greater than efficient output levels and positive externalities lead markets to produce smaller than efficient output levels. b. smaller than efficient output levels and positive externalities lead markets to produce greater than efficient output levels. c. greater than efficient output levels and positive externalities lead markets to produce efficient output levels. d. efficient output levels and positive externalities lead markets to produce greater than efficient output levels.
Which of the following is true at the level of output at which a competitive firm maximizes profit?
a. price = marginal cost b. price = wage/value of marginal product of labor c. price = marginal product of labor/wage d. All of the above are correct.