What is a market demand schedule?
a. a table showing how much of a product an individual will buy
b. a table showing how much of a product a market will buy
c. a graph showing how much of a product an individual will buy
d. a graph showing how much of a product a market will buy
Answer: b. a table showing how much of a product a market will buy
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One of the shortcomings of the Solow growth model is that in it the rate of technological change is
A) assumed to be zero. B) assumed to be equal to the population growth rate. C) left unexplained. D) zero unless the saving rate exceeds the depreciation rate.
Laws are efficient if they
A. help maximize total benefits of behavior. B. restrict all undesirable action like polluting. C. uphold absolute property rights. D. impose no costs on citizens. E. work to equate the marginal benefits and marginal costs of behavior.