Pumpkins are grown in New Mexico with the aid of fertilizer. Hence, fertilizer is a partial answer to which of the three economic question?
What will be an ideal response?
Fertilizer is used to help produce the pumpkins, so it is a partial answer to the "How are goods and services produced?" question.
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Suppose the equilibrium rent in Boston is $1,500. A rent ceiling of $1,600 per month leads to
A) a surplus of apartments in Boston. B) a shortage of apartments in Boston. C) no change in the Boston apartment market. D) fair prices in the Boston apartment market. E) compared to the situation at the equilibrium rent, a decrease in the quantity of apartments demanded and an increase in the quantity of apartments supplied.
The United Company competes with many other firms each producing slightly different products. Firms freely enter and exit this industry. The type of industry United Company operates in is
A) a monopoly. B) monopolistic competition. C) oligopoly. D) perfect competition. E) oligopolistic monopoly.