Refer to the diagram for a monopolistically competitive producer. If this firm were to realize productive efficiency, it would:
A. also realize an economic profit.
B. incur a loss.
C. also achieve allocative efficiency.
D. have to produce a smaller output.
B. incur a loss.
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If you heard someone say that coal miners should be paid more wages to enable them to adequately support their families, that would be a statement of
a. positive economics. b. normative economics. c. radical economics. d. None of these.
In order to formulate whether or not the alternative hypothesis is one-sided or two-sided, you need some guidance from economic theory
Choose at least three examples from economics or other fields where you have a clear idea what the null hypothesis and the alternative hypothesis for the slope coefficient should be. Write a brief justification for your answer. What will be an ideal response?
An appreciation of the Japanese yen would shift the Japanese aggregate demand curve inward
a. True b. False Indicate whether the statement is true or false
Consumer surplus is:
a. ?the amount by which quantity supplied exceeds quantity demanded at the current market price. b. ?valued by the difference between the maximum price consumers are willing to pay and the amount they actually pay. c. ?the change in total utility derived from a one-unit change in the consumption of a good. d. ?the amount by which quantity demanded exceeds quantity supplied at the current market price. e. ?the horizontal sum of the individual demand curves for all consumers in the market.