If a producer can sell each and every unit he can possibly produce for $10 each, then
A) he is a price taker.
B) the demand for his product is infinitely elastic.
C) his marginal revenue curve is a horizontal line at $10.
D) all of the above are true.
D
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The demand for a productive resource, not for its own sake, but for use in the production of goods and services is called a ________
A) goods and services demand B) production demand C) derived demand D) resource demand
The form of property ownership rights inherited from the colonial period was characterized by which of the following?
(a) Property ownership was almost ideal as the base for a free-market economy. (b) Property ownership established property, including land, as a "commodity" that could be easily bought and sold. (c) Property ownership proved to be an excellent vehicle for economic growth. (d) All of the above.