The era of deregulation began as a result of the government's failed response to the oil price shock of 1973.
Answer the following statement true (T) or false (F)
True
The OPEC embargo of 1973 and the subsequent attempts by government to address the problem caused shock waves throughout the economy, leading to calls for less government intervention.
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A firm produces 1000 units per week. It hires 10 full-time workers (40 hours/week each) at an hourly wage of $20 . Raw materials costs $5 per unit. Rent for the factory is $1,500 per week. What are the overall costs for the week?
a. total variable cost is $5,000 . total fixed cost is $1,500; total cost is $6,500 b. total variable cost is $13,000 . total fixed cost is $9,500; total cost is $22,500 c. total variable cost is $13,000 . total fixed cost is $1,500; total cost is $14,500 d. total variable cost is $5,000 . total fixed cost is $9,500; total cost is $14,500
Two goods with a low cross elasticity of demand are competing in the same market.
Answer the following statement true (T) or false (F)