According to the Application, the cultural changes in England allowed individuals to take advantage of
A) the elimination of trade barriers resulting from the formation of the European Union.
B) the decrease in population caused by the number of citizens who were leaving for the New World.
C) new developments in science and technology.
D) the increase in agrarian lifestyles.
C
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A good for which demand decreases when income decreases is known as a(n) ________ good
A) normal B) inferior C) complementary D) substitute
Which of the following markets will have the largest deadweight loss?
A) A market that consists of perfectly competitive firms. B) A market that consists of a single-price monopoly. C) A market that consists of a perfect price discriminating monopoly. D) None of the above. There is no deadweight loss as long as firms produce at the level of output where marginal revenue equals marginal cost.