Refer to Figure 11.1. Assume the economy is in equilibrium at 1 = 0. Other things equal, a decrease in the growth rate of productivity will result in a movement from point ________ to point ________

Which of the following is an explicit cost in Jim's business venture?

A) the salary Jim could have earned at another job B) the interest Jim does not earn because he invested his savings in his business C) the wages Jim pays his workers D) Jim's normal profit E) Answers A, B, and D are correct.

How the price of a depletable resource changes over time depends on

a. how the technology of resource extraction changes. b. the interest rate. c. how the technologies of production change in firms that use the resource. d. All of the above are correct.