Refer to Figure 12-2. Suppose the firm is currently producing Q2 units. What happens if it expands output to Q3 units?
A) It makes less profit.
B) It will be moving toward its profit maximizing output.
C) Its profit increases by the size of the vertical distance df.
D) It incurs a loss.
A
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Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for laptop computers. Which panel best describes what happens in this market when the price of computer hard drives falls?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
According to the text, which of the following are both imports and exports for the United States?
A. Cars, computers, and auto parts. B. Computers, oil, and auto parts. C. Baseballs, computers, and cars. D. No single product can be both an import and an export for a given country.
When does market equilibrium change in a given market?
What will be an ideal response?
As capital deepening occurs, there will be increased real wages and economic growth.
Answer the following statement true (T) or false (F)