Which of the following is an activity of government that is not an activity of private firms?
A. Enforcing involuntary transactions.
B. Paying equitable wages.
C. Creating positive externalities.
D. Pursuing economic efficiency.
Answer: A
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The analysis of the competition between Apple and Samsung in the smartphone market is based on
A) microeconomic model. B) educated guessing. C) intuitive reasoning. D) consumer surveys.
Refer to Figure 8.5. Suppose the firm increases output from 20 to 30 units. In the short run:
A. the firm will employ the same amounts of labor and capital as it would in the long run.
B. the firm will employ 5 more workers and 2 less units of capital than it would in the long run.
C. the firm will employ 5 fewer workers and 2 more units of capital than it would in the long run.
D. the firm will produce the output at a lower cost than it can in the long run.