Which of the following will most likely happen when better technology is used in production?
A) an upward movement along the production possibilities curve
B) an outward shift of the production possibilities curve
C) an inward shift of the production possibilities curve
D) a downward movement along the production possibilities curve
B
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Firms that produce 90 percent of all phone cameras have shut down their facilities for maintenance. In the phone camera market this will lead to
A) an increase in price and a decrease in quantity. B) an increase in price and an increase in quantity. C) a decrease in price and a decrease in quantity. D) a decrease in price and an increase in quantity.
Refer to Figure 6.2. The Nash equilibrium for the market is
A. Fly Air-full service, Hi Air-full service B. Fly Air-no frills, Hi Air-full service C. Fly Air-full service, Hi Air-no frills D. Fly Air-no frills, Hi Air-no frills