A society allocates its scarce resources to various uses. These scarce resources include
a. land.
b. people.
c. machines.
d. All of the above are correct.
d
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Suppose a duopoly had reached the monopoly outcome and then the first firm increased its production. If the second firm next increases its production, the second firm's profit ________ and the first firm's profit ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases E) increases; does not change
Other things remaining the same, which of the following is likely to happen if there is a decrease in the price of flour products?
A) There will be a decrease in both the wage rate and the employment levels in the flour industry. B) There will be an increase in both the wage rate and the employment levels in the flour industry. C) There will be an increase in the wage rate and a decrease in the employment levels in the flour industry. D) There will be a decrease in the wage rate and an increase in the employment levels in the flour industry.