The following graph is the production possibilities curve of a nation:
Refer to the above graph. The combination "5 drill presses and 2 bread" indicates:
A. An unattainable combination for the nation
B. Some resources in the nation are unemployed
C. An ideal combination for the nation
D. A combination produced when the nation is at full employment
Answer: B
Economics
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In the short run, the profit-maximizing monopolistically competitive firm will produce the rate of output at which
A) P = MC. B) MR = MC. C) P = ATC. D) MR = ATC.
Economics
The advantages of maintaining monopolies:
A. always outweighs the total welfare costs due to lost surplus. B. never outweighs the total welfare costs due to lost surplus. C. sometimes outweighs the total welfare costs due to lost surplus. D. is a normative argument that has no right answer.
Economics