The rights to own private property and to exchange goods with minimal government interference is

When firms have market power, it means that they:

A. are a price taker. B. can noticeably affect the market price. C. do not affect the market quantity offered for sale. D. can earn as much profit as they want.

Whether studying the output of the U.S. economy or how many classes a student will take, a unifying concept is that:

A. wants are limited and resources are unlimited, so trade-offs are unnecessary. B. both wants and resources are unlimited. C. wants are limited and resources are unlimited, so trade-offs have to be made. D. wants are unlimited and resources are scarce, so trade-offs have to be made.