When China builds a dam using few machines and a great deal of labor, it is answering the ________ part of one of the two big economic questions
A) "what"
B) "how"
C) "where"
D) "for whom"
B
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What leads to a decrease in the quantity supplied of a good or service?
What will be an ideal response?
Refer to Figure 5-1. If, because of an externality, the economically efficient output is Q2 and not the current equilibrium output of Q1, what does S1 represent?
A) the market supply curve reflecting marginal social cost B) the market supply curve reflecting implicit cost C) the market supply curve reflecting external cost D) the market supply curve reflecting marginal private cost
The firm will shut down in the short run if
A) the price falls below its minimum AVC. B) the market price rises unexpectedly. C) P = MC. D) P = ATC at its minimum.
Use the above figure. Which graph depicts substitute goods?
A) A B) B C) C D) D