When competition is present and private ownership rights are clearly defined and securely enforced,
a. production and trade are encouraged and plunder (taking from others) is discouraged.
b. people get ahead by helping others in exchange for income.
c. employers will have to provide prospective employees with at least as good a deal as they could get elsewhere.
d. all of the above are correct.
D
Economics
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The implicit rental rate for capital includes the
A) total value of a piece of capital equipment. B) interest income forgone by purchasing the piece of capital equipment. C) firm's normal profit. D) amount paid for the use of a piece of capital equipment owned by someone else.
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The magnitude of the slope of the budget line is the ratio of
A) a price to its quantity. B) a quantity to its price. C) two prices. D) two marginal rates of substitution.
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