The principal reason we no longer see huge herds of bison (popularly known as "buffalo") on the American prairies is because
A) the bison has been declared an endangered species.
B) the bison have not been declared an endangered species.
C) the bison were slaughtered in the 19th century in a wasteful manner.
D) the bison were slaughtered in the 19th century in response to financial incentives.
E) the people who own prairie land usually don't want bison on their property.
E
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Which of the following does not determine the position and shape of a society’s production possibilities frontier?
A. Physical resources B. Price level C. Skills and technology D. Past investment in factories and in research
Unlike a firm in pure competition, a monopolist may be able to
a. block the entry of new firms into the industry. b. continue to earn economic profits in the long run. c. earn economic profits in the short run. d. both block the entry of new firms into the industry and continue to earn economic profits in the long run.
The principal-agent problem arises because of
a. natural selection b. diminishing marginal returns c. hidden actions d. the winner's curse e. hidden characteristics
The best practices frontier is similar in construction and meaning to the
A) the cost frontier. B) the absolute advantage frontier. C) production possibilities frontier. D) the supply and demand diagram.