The total variable cost curve increases at a decreasing rate when there are early gains from specialization
Indicate whether the statement is true or false
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Refer to the above figure. We are currently producing at point c. Which of the following statements is TRUE?
A) Resources are not being efficiently utilized. B) Resources are being efficiently utilized. C) The only way to produce more of Goods X or Y is to have an increase in the amount of resources. D) The Law of Increasing Additional Cost does not hold.
Which of the following would cause a decrease (leftward shift) in the short-run aggregate supply curve (SRAS)? a. An increase in oil prices. b. An advance in technology
c. An increase in the CPI. d. An increase in the long-run aggregate supply curve (LRAS).
Entry continues as long as
A) economic profits are zero. B) accounting profits are positive. C) accounting profits are positive and economic profits are negative. D) economic profits are positive.
The economic problem associated with the idea of scarcity is that
a. resources are limited but wants are insatiable b. wants are limited to the available resources c. resources are unlimited but wants are limited d. both resources and wants are limited e. both resources and wants are unlimited