An increase in total factor productivity
A) increases consumption, increases output, and increases the real wage.
B) reduces consumption, increases output, and increases the real wage.
C) reduces consumption, increases output and reduces the real wage.
D) reduces consumption, reduces output, and reduces the real wage.
A
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The ________ plots the relationship between prices and the quantity producers are willing to sell
A) isoquant B) indifference curve C) demand curve D) supply curve
Other factors held constant, if there are few close substitutes for a good, demand is more elastic for it
a. True b. False Indicate whether the statement is true or false
Monopoly is a prime example of a market failure that leaves potential Pareto improvements unexploited. This is demonstrated by the fact that
a. monopolies produce public goods rather than private goods b. monopolies substitute excludability for rivalry c. monopolies substitute rivalry for excludability d. the price in a monopolized market is less than the marginal cost of production e. the price in a monopolized market exceeds the marginal cost of production
A cartel is
A. a group of firms promoting competition. B. most common in monopolistic competition. C. a collusive group of firms. D. no longer possible in our global economy.