1  of 10   In a _______________________, most economic decisions…

1  of 10

In a _______________________, most economic decisions about what to produce, how to produce it, and for whom to produce it are made by buyers and sellers.

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2  of 10

As depicted in _________________________________, it is necessary to give up some of one good to gain more of the other good.

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3  of 10

The nature of demand indicates that as the price of a good increases:

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4  of 10

The is the only price where quantity demanded is equal to quantity supplied.

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5  of 10

Improvements in the productivity of labor will tend to:

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6  of 10

Price elasticity of demand is defined as:

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7  of 10

The term ___________________ is used to describe the common pattern whereby each marginal unit of a consumed good provides less of an addition to utility than the previous unit.

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8  of 10

In economics, a firm that faces no competitors is referred to as _________________.

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9  of 10

Economic profit can be derived from calculating total revenues minus all of the firm’s costs,

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10  of 10

Government regulations specify that inventors will maintain exclusive legal rights to their respective inventions for .