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Question
Refer to the following graph.
A monopolist's inefficiency per unit of output at the profit-maximizing level of output is limited to cost per unit:
A. A minus B.
B. B minus C.
C. A minus C.
D. C.
Answer
This answer is hidden. It contains 86 characters.
Related questions
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D. multiple owners are liable only to the extent of their own investment.
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The market where businesses sell goods and services to households and the government is called the: A. goods market.
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Capitalism and socialism have not existed forever. Capitalism came into existence in the: A. mid-1800s and socialism came into existence in the early 1900s.
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Q:
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D. capitalists lost their power to mercantilists.
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Most economies today are: A. pure market economies.
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In principle, socialism is: A. less concerned about fairness than capitalism.
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Socialism in theory is based on the principle that individuals should: A. look out for their own interests and let the government look out for the public interest.
B. rely on the government to meet their needs.
C. cooperate with one another to meet their needs.
D. compete with one another to meet their needs.
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A market economy: A. requires government to set prices.
B. allocates according to need.
C. distributes property rights.
D. expects people to be self-interested.
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Consider the following information, which provides percentage change in GDP per year: Given this information, which of the following statements is true? A. GDP in 2010 is less than in 2009.
B. GDP in 2010 is greater than in 2009.
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The slope of a line is zero when it is: A. horizontal.
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C. an upward-sloping line that makes a 45 degree angle with the horizontal and vertical axes.
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If there is an inverse relationship between two variables, the graph relating the two variables will be: A. upward-sloping.
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B. the higher-paying company will attract the more creative and innovative pickers and the lower-paying company will attract the others.
C. the lower-paying company will attract the more creative and innovative pickers and the higher-paying company will attract the others.
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According to the law of one price, A. it is illegal to pay different people different amounts for the same work.
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Refer to the graph shown. Suppose Country X exports agricultural goods to Country Y in exchange for industrial goods. This pattern of trade increases consumption in both countries only if: A. X and Y share production possibility curve A.
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C. X's production possibility curve is A and Y's is B.
D. X and Y share production possibility curve B.
Q:
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B. Slovakia consumes 30 tons of both soy and wheat.
C. Poland consumes 80 tons of wheat.
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Q:
Suppose New Zealand uses one unit of labor to produce a kiwi and two units of labor to produce an apple. Suppose Australia uses two units of labor to produce a kiwi and one unit of labor to produce an apple. In this case, New Zealand: A. has a comparative advantage in producing apples.
B. has a comparative advantage in producing kiwis.
C. has a comparative advantage in producing both goods.
D. does not have a comparative advantage in producing either good.
Q:
Which of the following is the best example of an economic precept? A. Predictable irrationality
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C. The production possibility model
D. Laissez-faire
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Refer to the graphs shown. The discovery of a new supply of resources used only in the production of guns can be shown by which movement? A. From A to B to C to D in diagram a
B. From C to D to A to B in diagram a
C. From X to Y to X to Z in diagram b
D. From X to Z to X to Y in diagram b
Q:
Refer to the graph below. If the production possibility curve shifts along the Good Y axis, which point will remain as a point of efficiency? A. A
B. B
C. C
D. D
Q:
In election campaigns, presidents often promise more of everything (that is, more guns and more butter). What would help those elected president fulfill that promise?A. The economy becomes more efficient.B. The United States limits imports into the country.C. Illegal immigration into the United States is severely limited.D. A minimum wage bill is passed.
Q:
If you move from a point inside the production possibility curve to a point on the production possibility curve, it follows that efficiency is: A. increased because the economy is now on the production possibility curve.
B. increased only if production of both goods increases.
C. increased as long as the combined output of both goods increases.
D. reduced if less of one good is produced.
Q:
To graphically demonstrate the principle of increasing marginal opportunity cost, the production possibility curve must be: A. flat.
B. straight.
C. bowed out.
D. bowed in.
Q:
The principle of increasing marginal opportunity costs states that the initial opportunity costs are: A. high but decrease the more you concentrate on the activity.
B. low but increase the more you concentrate on the activity.
C. high but increase the more you concentrate on the activity.
D. low but decrease the more you concentrate on the activity.
Q:
This production possibility table illustrates: A. increasing marginal opportunity cost.
B. decreasing marginal opportunity cost.
C. constant marginal opportunity cost.
D. zero opportunity cost.
Q:
Given the production possibility curve shown, the opportunity cost of listening to each additional CD when moving from point B to point A is on average: A. ½ article.
B. 1 article.
C. 2 articles.
D. 3 articles.