Carlson Econ Final 1

Which of the following is not a reason people view monopolies as evil?

Scarcity forces societies to choose between consumer or military goods is reflected by 

 As we have seen so-called Monopolists(Rockefeller and others) did which of the following?

In economics costs that remain the same regardless of how much is produced are?

Which of the following steers production and tells producers to provide more of a good?

One of the advantages of a free market is a large variety of goods and services.

The acronym TINSTAAFLconveys the economic concept that?

Wages paid to hourly employees would be an example of which type of cost?

 The fact that markets always tend toward equilibrium, rather than reaching it is called

In economics what do we call two goods that are commonly purchased together?

The black line represents what?

What is the term for the extra income gained by producing one more unit of production?

 Which tool does government use to legally separate companies that have become too big?

Barriers to entry keep sellers from entering a market. Which would be an example of this?

Diminishing and negative marginal returns are usually the result of what?

Brenda files case briefs for her job as a paralegal. This is an example of?

The Soviet Union can best be described as pure Socialism, or what type of economic system?

A worker is most efficient at cutting rather than sewing, they focus on cutting. This is called

Which market structure is dominated by a few major firms (Car or Pop companies)?

 A shortage occurs when?

The black line represents what?

The belief that government should stay out of the economy is?

Ceteris Paribus is Latin for?

Chuck, a plumber, attends training on how to install new water heaters. This is an example of?

Why do virtually all economists consider rent control a bad idea?

These coordinate consumers and producers by sending signals about the desires of both?

______ occurs when consumers react to higher prices by consuming less of a good and buy others

 _______ is the desire to own something and the ability to pay for it.

The arrows below indicate what?