Country X has a high unemployment rate. It follows that country X is operating
What will be an ideal response?
inside (below) its PPF.
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When the transactions costs involved in putting a project together exceed the difference in the value of land with the project completed and the value of the land without the project, the project should be undertaken
Indicate whether the statement is true or false
Monopoly producers face
A) many competitors producing the same product. B) only a few competitors producing the same product. C) at least one competitive producer of the same product. D) no competitive producers of the same product.
If a 10 percent increase in price causes a 5 percent increase in quantity supplied, then supply is
A) elastic. B) inelastic. C) unit elastic. D) infinite.
A profit-maximizing firm will employ a resource up to the point where
a. its marginal resource cost equals its marginal revenue product b. its marginal resource cost equals its marginal product c. its marginal resource cost equals the marginal revenue of the output d. its marginal resource cost equals the price of the resource e. the price of the resource equals the marginal revenue of the output