Market-oriented economies have rules and regulations regarding:
a. the nature of the products sold in the market
b. the enforcement of legal contracts.
c. the number of sellers and buyers participating in the market.
d. the ways in which taxes can be avoided.
b
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Refer to Scenario 1 . If you start the course in such a way that each exam score is worse than your previous average what should happen to your average score? What would happen to your average if the next exam score was larger than your previous exam
score? Explain.
If a restaurant like Buffalo Wild Wings has higher costs than a comparable Hooters restaurant, the only way it can have higher profits is if
A) the demand for its food is higher than the demand for food at Hooters. B) it sells the quantity associated with its minimum average total cost. C) it has more locations than Hooters. D) its marginal revenue is lower than the marginal revenue of Hooters.
The technical term for changing residences is _____________
a. Mobility b. Fertility c. Immigration d. Adaptation
Suppose a firm has the following total cost function TC = 100 + 2q2. If price equals $20, what is the firm's output decision? What are its short-run profits?
What will be an ideal response?