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Can someone help me with this? Thanks. 1. Factors of production may also be known as productive resources. * O True False 2. One may
Can someone help me with this? Thanks.
1. Factors of production may also be known as productive resources. * O True False 2. One may also categorize capital as an output. * True False 3. According to the law of demand, price and demand have an inverse relationship. * True False 4. According to the law of supply, price and quantity supplied are inversely related. * True False 5. Price is a determinant of supply. * True False 6. Surpluses achieve the goal of economics. * True False7. Shifts in demand and supply impact equilibrium price. * True False 8. All oligopolies are duopolies. * True False 9. An input of production is scarce and owned by one entity. This may be a situation that results to a monopolistic competition. * True False 10. A manufacturer generally charges higher unit prices than retailers. * True FalseStep by Step Solution
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