Refer to Exhibit 2-4. As more fax machines are produced, the opportunity cost of producing them


remains constant.

Economics

You might also like to view...

A tax equal to the external marginal cost of an activity yields the efficient level of production because the tax

A) achieves the competitive equilibrium. B) forces producers to face all costs of production including the external cost. C) ensures greater profits for the firm. D) eliminates all pollution.

Economics

Explain how an increase in the price of leather brought about by shift in tastes may lead to an increase in the supply of beef

What will be an ideal response?

Economics

If C is consumption, I is investment, G is government purchases and NX is net exports, according to the expenditure approach, Y would stand for ________; and the national income identity could be written as ________

A) transfers; Y = C + I + G - NX B) CPI; Y = C + I + G + NX C) GDP; Y - C - I = G + NX D) income; Y = C - I - G + NX E) the real interest rate; Y = C + I + G + NX

Economics

Why does inefficiency exist in monopolistic competition?

Economics