Refer to Figure 2-2. At Point A in the production possibilities graph shown above, the economy:
A. is not using its resources efficiently.
B. is using its resources efficiently while producing clothing but no food.
C. is using its resources efficiently while producing food but no clothing.
D. is using its resources efficiently to produce both food and clothing.
A. is not using its resources efficiently.
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If all firms in a monopolistically competitive industry faced the same demand and cost curves pictured in the above figure
A) new firms will enter the industry. B) some firms will exit the industry. C) their economic profit would be zero. D) they would each produce 60 units.
Refer to Table 9-3. What is the value of the bank's total reserves?
A) $25 million B) $75 million C) $100 million D) $200 million
The demand curve faced by the monopolist
A. is identical to the firm's MR curve. B. is the industry demand curve. C. has a constant price elasticity. D. is identical to the firm's TR curve.
The Sherman Act of 1890 outlawed:
A. Monopoly pricing and foreign trade B. Price discrimination and monopoly profits C. Restraint of trade and monopolization D. Foreign trade and monopolization