A. Usually made of wood and plastic
B. built with assumptions.
C. useless if they are simple.
D. created to duplicate reality.
A. If Susan works for BAe Systems and receives a salary payment, the transaction takes place in the market for good and services.
B. If BAe Systems sells a military aircraft, the transaction takes place in the market for factors for production
C. None of these
D. The factors of production are owned by households
A. the scientist be objective
B. The scientific use precision equipment.
C. only correct theories are tested
D. only theories are tested.
E. the scientist uses test tubes and have clean lab.
A. p = Z
B. P = MC + Z
C. p = MC
D. P = MC – Z
A. restrict; promote
B. restrict; restrict
C. promote; promote
D. promote; restrict
A. nationalized; privatized
B. natural monopoly; potentially competitive
C. cartel; a sellers’ market
D. monopolistic competition duopoly
A. extended warranties offer value for money.
B. the cost of repair will usually exceed the cost of the warranty
C. they are paid commission on each extended warranty they sell.
D. They are concerned about customer satisfaction.
A. firms producing the same product
B. firms at various stages in production process.
C. firm producing complementary products
D. firms producing unrelated products.
A. increasing market power is the best way to achieve efficiency.
B. competition is the best way to achieve efficiency.
C. public ownership is the best way to achieve efficiency
D. regulation is the best way to achieve efficiency.
A. low; low
B. high; high
C. low; high
D. high; low