In one-input models, all technologically efficient production plans are economically efficient and vice versa.
Answer the following statement true (T) or false (F)
True
Rationale: In one-input models, there is only one way of producing a given level of output without wasting inputs. This is technologically efficient -- and it is also economically efficient.
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Technological advances in recycling make it possible to produce a greater quantity of paper from a given quantity of recycled newspapers. Predict the likely impact on the supply curve for paper. a. There is a movement down along the supply curve. b. There is a movement up along the supply curve. c. The supply curve shifts to the left
d. The supply curve shifts to the right.
The Herfindahl-Hirshman Index is a method for determining ______.
a. whether or not price fixing is occurring b. compliance with import tariff laws c. an industry’s market concentration d. how much collusion exists in an industry