"Extractive industries" include the production of all of the following products except:
a. fur.
b. lumber.
c. naval stores.
d. bread.
d. bread
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Merit pay for teachers has a _________ on test student test scores.
A. positive B. negative C. undetermined D. none of these answer options are correct.
Which of the following examples shows equilibrium price in practice?
a. Nostalgia Gifts, Inc sells 60 percent of their snow globes for $10 each and then sell the rest for $5 each. b. Nostalgia Gifts, Inc sells all their snow globes for $10 each, but consumers demand more. c. Nostalgia Gifts, Inc sells 80 percent of their snow globes for $10 each without consumers demanding more. d. Nostalgia Gifts, Inc sells all their snow globes for $10 each without consumers demanding more.
Suppose both a monopolist and a perfectly competitive firm charge a price corresponding to the quantity at the intersection of the marginal cost and marginal revenue curves. If this price is between each firm's average variable cost and average total cost curves,
A. the perfectly competitive firm will continue to operate in the short run but the monopolist will shut down. B. both firms will continue to operate in the short run. C. both firms will shut down in the short run. D. the perfectly competitive firm will continue to operate in spite of the loss but the monopolist will earn a profit.
The "invisible hand" concept to describe the guiding function of prices was developed by:
A. Milton Friedman. B. Jeremy Bentham. C. Adam Smith. D. David Ricardo.