The process of entry and exit into a monopolistically competitive market causes:
A. the firm's demand curve to shift left and/or right.
B. the firm's supply curve to shift left and/or right.
C. the firm's average total cost curve to shift left and/or right.
D. the firm's marginal cost curve to shift straight up and/or down.
A. the firm's demand curve to shift left and/or right.
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A country will export wheat if, with no international trade, ______
A. it produces a surplus of wheat B. its opportunity cost of producing wheat is below the world price C. its domestic price of wheat exceeds the world price D. other countries have a shortage of wheat
Suppose the economy goes from a point on its production possibilities frontier (PPF) to a point directly to the left of it. Assuming that the PPF has not shifted, this could be due to
A) a gain of resources. B) a loss of resources. C) technological improvement in the production of both goods. D) a new law that interferes with productive efficiency.