Whenever technology advances, an economy can produce more output with
A. More resources.
B. No resources.
C. Current resources.
D. Fewer resources.
Answer: C
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Price cap regulation involves
A) setting the monopoly's price equal to its average total cost. B) setting the monopoly's price equal to its profit-maximizing price. C) setting a maximum price the monopoly may charge. D) assuming a natural monopoly will not charge a higher than profit-maximizing price. E) setting the monopoly's price equal to its marginal cost.
Which of the following is an important difference between police protection and food and explains why one is commonly provided by government while the other is not?
A) Food can easily be withheld from people who don't pay for it. B) Food is not a traditional concern of government. C) Food is too vital to be entrusted to government. D) Food producers form a powerful political lobby. E) Food provided through government would be inefficient.
The Phillips curve indicates that when the labor market is ________, production costs will ________ and aggregate supply increases
A) easy; rise B) easy; fall C) tight; fall D) tight; rise
Describe the relationship between marginal productivity and average productivity. Use calculus or a graph to support your answer
What will be an ideal response?