Because people prefer name-brand pain-relieving drugs over store-brand pain-relieving drugs, demand curves do not slope downward for pain-relieving drugs
Indicate whether the statement is true or false
False. Demand curves slope downward assuming all other factors do not change. Consumers may view brand-name drugs to be of higher quality than store-brand drugs, and therefore the demand curve for brand-name drugs lies to the right of the demand curve for store-brand drugs.
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Which of the following is true?
i. Production efficiency occurs only when resources are used to produce the combination of goods that has the greatest value. ii. Allocative efficiency occurs when marginal benefit equals marginal cost. iii. A demand curve is a marginal cost curve. A) only ii B) only i C) only iii D) i and ii E) ii and iii
In the past the federal government often employed what is called a "command-and-control" approach to the reduction of pollution emissions. Many economists are critical of this approach because
A) they believe a market-based approach will reduce pollution more efficiently. B) it does not lead to significant reductions in pollution. C) the "command-and-control" approach leads to negative externalities. D) the "command-and-control" approach is designed to help firms at the expense of consumers.
Binding price floors benefit sellers because they allow sellers to sell all the goods they want at a higher price
a. True b. False Indicate whether the statement is true or false
The steepness of the aggregate supply curve schedule depends on the time frame.
Answer the following statement true (T) or false (F)