The hand soap industry is an example of a(n) ________ industry.
A. monopolistic
B. perfectly competitive
C. oligopolistic
D. monopolistically competitive
Answer: D
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In one week Alice can produce 5 pairs of shoes or 4 bookshelves while Roger can produce 10 pairs of shoes or 6 bookshelves. Alice has ________ advantage in producing ________
A) an absolute; shoes B) a comparative; shoes C) an absolute; bookshelves D) a comparative; bookshelves
The producer price index measures the prices that firms
A) pay for imported natural resources that go into the production process. B) receive for the goods and services they export. C) pay for labor, whether or not the labor is foreign or domestic. D) receive for the goods and services they use at all stages of production.
Elaborate on your answer to the previous question by using demand curves. For which good does demand change and for which good does the quantity demanded change?
What will be an ideal response?
A positive externality is shown by a marginal social benefit (MSB) curve that is
A) above and to the right of the demand curve for the good that generates it. B) below and to the left of the demand curve for the good that generates it. C) above and to the left of the supply curve for the good that generates it. D) below and to the right of the supply curve for the good that generates it. E) positively related to both the supply curve and the demand curve for the good that generates it.