The person responsible for beginning to privatize China's economy since the mid-1970s is
B. Mao TseA. Deng Xiaoping.
-tung.
C. Sun Yat-sen.
D. Chiang Kai-shek.
A. Deng Xiaoping.
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Refer to Figure 16.1. An increase in expected output in the future is best represented by a movement from
A) point A to point B. B) point B to point A. C) point A to point C. D) point C to point A.
When new entrants into a competitive market have higher costs than existing firms,
a. accounting profits will be the primary determinant of entry into the market. b. sunk costs become an important determinant of the short-run entry strategy. c. market price will rise. d. long-run supply is constant.
GAAP
What will be an ideal response?
If the market demand curve does not capture all of the benefits to society of buying an additional unit of good, then:
A. the allocation of resources will be socially optimal. B. the market equilibrium will not be efficient. C. the market equilibrium will be socially optimal. D. the market will not be in equilibrium.