If an economy is fully utilizing its resources, it can produce more of one product only if it
A) produces less of another product.
B) reduces the prices of the most expensive products.
C) adds more people to the labor force.
D) doubles manufacturing of the product.
A
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What is the definition of an oligopoly?
a) one firm producing 95 percent of the output b) two to four firms producing 70 percent to 80 percent of the output c) eight to ten firms producing 60 percent to 70 percent of the output d) eight to ten firms producing 90 percent of the output
Three landscapers, Allen, Betty, and Christina, are visiting the lawn and garden supply store. Allen is choosing between a mower with a 40-inch blade and a mower with a 28- inch blade. Betty is picking up her mower, which was in for scheduled maintenance. Christina is putting up a For Sale sign advertising her equipment and list of customers. Who is operating in the long run?
a. Allen and Christina b. Betty and Christina c. Allen only d. Betty only e. Christina only