A vertical curve that defines the level of full-employment or potential output based on a given amount of resources, efficiency, and technology in the economy is called:

List three key reasons to study economics

What will be an ideal response?

Which of the following statements is correct? Monopolies are socially inefficient because they (i) charge a price above marginal cost. (ii) produce too little output. (iii) earn profits at the expense of consumers. (iv) maximize the market's total surplus

a. (iii) only b. (iii) and (iv) only c. (i) and (ii) only d. (i), (ii), (iii), and (iv)