Economic growth can be represented by a (an):
A. percentage decrease in real GDP.
B. leftward shift of the long-run aggregate supply curve (LRAS).
C. outward shift of a production possibilities curve.
D. inward shift of a production possibilities curve.
Answer: C
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Microeconomics involves decisions made by
A. governments and societies B. firms and households C. countries and International organizations D. governments and economies
What could be a potential explanation for a firm selling virtually identical products under different brands?
A) Consumers are well informed about the quality of the products. B) Consumers believe that the products' quality is similar and thus firms are able to price discriminate. C) Consumers always favor private-label brands. D) Consumers believe that the products' quality differs and thus firms are able to price discriminate.