In terms of the production possibilities curve, inefficiency is represented by
A. All points inside the curve.
B. All points outside the curve.
C. All points on the curve.
D. A rightward shift of the curve.
Answer: A
Economics
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Which of the following will limit the ability of a union to push the wages of its members much above competitive levels?
a. the presence of nonunion firms that produce the same product as the unionized labor b. foreign competition in the market for the product produced by the unionized labor c. a highly elastic demand for the product supplied by the unionized labor d. all of the above
Economics
The government may choose to do nothing to reduce monopoly inefficiency because the "fix" may be worse than the problem
a. True b. False Indicate whether the statement is true or false
Economics