When markets reach the ____ price all the opportunities for mutually beneficial trade have taken place and the sum of consumer and producer surplus is ____
a. minimum, maximized
b. maximum, minimized
c. equilibrium, maximized
d. equilibrium, shared equally between consumers and producers
c
Economics
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If a nation devotes a larger share of its current production to consumption goods, then
A) it must produce at a point within its PPF. B) its economic growth will slow down. C) some productive factors will become unemployed. D) its PPF will shift inward. E) its PPF will shift outward.
Economics
Rational expectations theory is based on the assumption that when individuals in the economy are forming expectations, they
A) use all available information. B) use past evidence only. C) consistently make the same errors. D) pay no attention to past information.
Economics