True OR False
1)Marginal cost is the additional cost incurred in undertaking an activity?
2)The "invisible hand" is the price mechanism that guides our actions in the market.
3)When individuals trade, using their comparative advantages, the production possibility curve does not change?
4)A quota is a tax on an imported product.
5)Demand refers to a schedule of quantities of a good while Quantity demanded refers to a specific amount of demand?
6)The minimum wage is an example of a price floor.
7)Total utility cannot decline as consumption rises.
8)The cross-price elasticity of demand is positive for substitutes and negative for complements.
Take a shot, what do you think. Be sure to do a little research first (i.e., read your econ text).
1 answer
1 answer