Economists are unanimous in their belief that advertising is socially inefficient

Refer to Figure 5.1. All else equal, an increase in total factor productivity will cause a

A) shift from PF1 to PF2. B) shift from PF2 to PF1. C) movement up and to the right along PF1. D) movement down and to the left along PF2.

When government intervenes in the production process because external benefits exist, it typically attempts

A) to impose a tax on each unit produced. B) to shift the industry's demand curve to the left. C) to shift the industry's demand curve to the right. D) to shift the industry's supply curve to the left.