Technological progress shifts the production possibility curve away from the origin.
Answer the following statement true (T) or false (F)
True
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In the dominant firm model, the smaller fringe firms behave like:
A) competitive firms. B) Cournot firms. C) Stackelberg firms. D) Bertrand firms. E) monopolists.
In the Utah Pie case, the economic effect of the Supreme Court decision was to:
a. prohibit the merger of two small pie companies. b. encourage competition by ruling that the national competitors had engaged in illegal price discrimination. c. encourage competition by ruling that the national competitors had not engaged in illegal price discrimination. d. discourage competition by national competitors in the Salt Lake City market.
Refer to Figure 11.3. Assume aggregate demand is represented by AD1 and full-employment output is $6.0 trillion. The aggregate demand shortfall is equal to the distance between
A. Point a and point e. B. Point a and point b. C. Point b and point e. D. Point a and point d.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same. B. at any of the labeled points, as all of the points represent an efficient allocation of resources. C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced. D. indeterminate from this information, as we don't have any information about the society's desires.