We measure a person's productive contribution in a market system by

A) the marginal factor cost theory of the firm.
B) the profit maximization theory of the firm.
C) the marginal revenue product theory of wage determination.
D) the egalitarian theory of wage determination.

C

Economics

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The phenomenon known as the tragedy of the commons occurs whenever:

a. the private sector owns resources and manages them tragically. b. the government owns resources and manages them tragically. c. there is no ownership of resources, so they become depleted due to lack of management. d. two countries own the same resource and cannot agree on its management.

Economics

If the quantity demanded of a certain good responds only slightly to a change in the price of the good, then the

a. demand for the good is said to be elastic. b. demand for the good is said to be inelastic. c. law of demand does not apply to the good. d. demand curve for the good shifts only slightly in response to a change in price.

Economics