Comparing firms in perfectly competitive markets to monopoly firms, which produces more output?
perfectly competitive firms
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Refer to Table 2-4. Assume Dina's Diner only produces sliders and hot wings. A combination of 60 sliders and 50 hot wings would appear
A) along Dina's production possibilities frontier. B) inside Dina's production possibilities frontier. C) outside Dina's production possibilities frontier. D) at the vertical intercept of Dina's production possibilities frontier.
Households supply four basic types of resources. They include all of the following except
a. natural resources b. final goods and services c. capital d. entrepreneurial ability e. labor
Which of the following would not shift the world supply curve up?
A. Foreign firms incorporating technological innovation B. Rising wages in other countries C. Raising trade restrictions D. Increasing the exchange rate
What is the key difference between the aggregate expenditure model and the aggregate demand/aggregate supply model?
A) The aggregate expenditure model examines monetary policy, whereas the aggregate demand/aggregate supply model does not. B) The aggregate demand/aggregate supply model assumes that the price level is fixed. C) The aggregate expenditure model assumes that real GDP is fixed. D) The aggregate expenditure model assumes that the price level is fixed. E) Monetary and real factors interact in the aggregate demand/aggregate supply model.