Refer to the diagram. If this competitive firm produces output Q, it will:
A. suffer an economic loss.
B. earn a normal profit.
C. earn an economic profit.
D. achieve productive efficiency but not allocative efficiency.
B. earn a normal profit.
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The production possibilities curve tells us that if full employment exists and a nation wishes to permanently increase its production of military goods, it must
A. also increase its production of nonmilitary goods. B. reduce its output of nonmilitary goods. C. suffer inflation. D. suffer unemployment.
The social marginal cost curve is higher than the private marginal cost curve
a. True b. False Indicate whether the statement is true or false
The Federal Reserve is ________ the U.S. Treasury.
A. independent of B. a part of C. a creation of D. under the control of
In the early 1900s, people were ________ more than decorators
a. Collectors b. Travelers c. Readers d. Media driven