Which of the following statements is false?
A. One of the basic principles capitalism is based on is to "trust no one."
B. To have real competition in a market economy no one business should be able to have any influence over price.
C. A basic trade-off exists between the goals of equity and efficiency for a society.
D. The forces of supply and demand will NOT automatically lead to an equitable distribution of income.
A. One of the basic principles capitalism is based on is to "trust no one."
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Refer to the scenario above. Jack will derive ________ units of utility if both of them try to move the tree
A) 5 B) -5 C) -2 D) 10
Which of the following four firms would most likely NOT be part of a perfectly competitive market?
A) Mark sells his tomatoes at the local farmers market. B) The WaveHouse is the only place in San Diego where you can ride an indoor 10 foot wave. C) Village Pizza sells pizza in a college town. D) Space Age Fuel is a gas station in Bend, Oregon.