Overfishing and extinction of species arise because of:
a. an abundance of natural resources.
b. communist countries.
c. the lack of incentive to take care of these species.
d. private ownership of these resources.
e. a high degree of economic freedom in all countries.
c
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Collective decision making costs _____
a. decrease as we get closer to unanimity b. increase as more people have to agree c. are an impediment to individual action d. are the reason why simple majority rule is always optimal
The short run is a time period such that: a. the existing firms in the industry do not have sufficient time to adjust the quantity of any inputs which they employ. b. the existing firms in the industry do not have sufficient time to adjust their current rate of output
c. new entrants have sufficient time to build factories and enter the industry. d. the existing firms in the market do not have sufficient time to increase the size of their existing plants or build new factories.