When crowding out occurs, interest rates typically

Refer to Figure 2-6. If the economy is currently producing at point C, what is the opportunity cost of moving to point B?

A) 13 thousand hammers B) 30 thousand wrenches C) 23 thousand hammers D) 10 thousand wrenches

What is the key characteristic of perfect competition?

a. Many firms sell identical products. b. Many firms sell a variety of products. c. One firm sells a highly demanded product. d. One firm creates a legal monopoly.