Along a curved line, the slope at the maximum
A) is greater than zero.
B) is zero.
C) is less than zero.
D) may be greater than, less than, or equal to zero.
B
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Generally, opportunity costs increase and the production possibilities frontier bows outward. Why?
A) Unemployment is inevitable. B) Resources are not equally useful in all activities. C) Technology is slow to change. D) Labor is scarcer than capital.
A factor market is a market in which
A) households buy goods and services. B) households sell the services of the factors of production they control. C) firms sell the services of the factors of production. D) firms sell goods and services.
When the unemployment rate is low, the impact of additional spending on real output will
a. be larger than when the unemployment rate is high. b. be smaller than when the unemployment rate is high. c. be the same as when the unemployment rate is high. d. place downward pressure on the general level of prices, leading to deflation.
Deadweight loss exists when a market is operated by a monopoly because the monopolist produces at an output level that is ____ the socially optimal level
Fill in the blank(s) with the appropriate word(s).