QUESTION 20Even though local newspapers are very inexpensive, people rarely buy more than one of them each day.This fact:O A. implies that, for most people, themarginal benefit of reading a secondnewspaper is less than the marginalOC. contradicts OD. implies thattheeconomicB. is anelectronic mediaexample ofirrationalsources areperspectivedisplacing printsources for manycost.behavior.consumerSQUESTION 21The entrepreneur's sole function is to combine other resources (land, labor, and capital) in the production ofsome good or serviceTrueO FalseQUESTION 22An effective ceiling price willO A. result in a surplus insupplyO B. clear themarketOc result in a shortage in O D, induce new firms to entersupplythe industry

QUESTION 20 Even though local newspapers are very inexpensive, people rarely buy more than one of them each day. This fact: O A. implies that, for most people, the marginal benefit of reading a second newspaper is less than the marginal B. is an example of irrational behavior. OC contradicts OD. implies that the economic perspective electronic media sources are displacing print sources for many consumers cost. QUESTION 21 The entrepreneur's sole function is to combine other resources (land, labor, and capital) in the production of some good or service O True O False QUESTION 22 An effective ceiling price will OA. result in a surplus in supply O B. clear the market C. result in a shortage in O D. induce new firms to enter O Supply the industry

QUESTION 20 Even though local newspapers are very inexpensive, people rarely buy more than one of them each day. This fact: O A. implies that, for most people, the marginal benefit of reading a second newspaper is less than the marginal B. is an example of irrational behavior. OC contradicts OD. implies that the economic perspective electronic media sources are displacing print sources for many consumers cost. QUESTION 21 The entrepreneur's sole function is to combine other resources (land, labor, and capital) in the production of some good or service O True O False QUESTION 22 An effective ceiling price will OA. result in a surplus in supply O B. clear the market C. result in a shortage in O D. induce new firms to enter O Supply the industry

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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