Doctors and lawyers in every state need a license to practice. This is an example of
A) ownership of a key input. B) consumer protection laws.
C) consumer advocacy. D) occupational licensing.
D
Economics
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If marginal cost of growing wheat, MC, just reaches $4 per bushel and if the expected price of wheat Pis $4, a farmer
A. should produce at that exact level at which MC= P and if AVC< MC. B. should check her/his average variable cost to see if P covers AVC. C. should stop producing if AVC> 4. D. All of the above.
Economics
If property rights are not enforced in a country
A) that country will grow more rapidly because of the reduction of law suits. B) that country's growth rate will not be affected. C) entrepreneurs are unlikely to risk their own funds investing in such an economy. D) the market system will still work smoothly.
Economics