Higher efficiency in the economy can be reached if prices are held low by law
a. True
b. False
Indicate whether the statement is true or false
False
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The manufacturers of information products typically
A) have low fixed costs. B) have high marginal costs. C) have high fixed costs. D) have zero fixed costs.
New classical economists believe that:
a. market failure on a large scale is possible. b. disequilibrium in commodity markets demand government intervention. c. people are completely aware and informed about everything that is happening. d. wages are fixed in the short run. e. people purposefully substitute non-labor activities for work during recession.
A market that involves only one seller of a good or service is known as
a. a monopoly b. perfect competition c. monopolistic competition d. an oligopoly e. perfect monopolistic competition
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 economy is currently at Point B. The opportunity cost of moving from Point B to Point A is the
A. 120 LCD TVs that must be forgone to produce 20 additional OLED TVs. B. 30 LCD TVs that must be forgone to produce 40 additional OLED TVs. C. 20 OLED TVs that must be forgone to produce 30 additional LCD TVs. D. 40 OLED TVs that must be forgone to produce 120 additional LCD TVs.