The steepness of a curve is partially determined by the units of measurement
a. True
b. False
Indicate whether the statement is true or false
True
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As a general rule, technological progress
a. shifts the production possibilities curve outward, away from the origin. b. reduces the slope of the production possibilities curve, making it flatter. c. increases the slope of the production possibilities curve, making it steeper. d. shifts the production possibilities curve inward, toward the origin.
The ocean remains one of the largest unregulated resources for each of the following reasons except
a. many countries have access to the ocean. b. it is difficult to get international cooperation among countries that hold different values. c. the oceans are so vast that enforcing any agreements would be difficult. d. All of the above are reasons the ocean remains one of the largest unregulated resources.
Which of the following games discussed in the text is a one-shot game?
a. The classic prisoner's dilemma b. The cola war game c. OPEC cartel d. McDonald's and Burger King price war
Figure 5.4 shows a firm's marginal cost, average total cost, and average variable cost curves. The average total cost curve is downward-sloping as output increases from Q = 50 to Q = 100 because:
A. increasing average variable cost outweighs decreasing average fixed cost. B. decreasing average fixed cost outweighs increasing average variable cost. C. diminishing returns are not severe enough to outweigh decreasing average fixed cost. D. marginal cost is increasing.