Perfectly competitive markets are not the most efficient type
a. True
b. False
Indicate whether the statement is true or false
False
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The U-shape of the average variable, average total, and marginal cost curves reflects
A) increasing marginal returns. B) decreasing marginal returns. C) both increasing and decreasing marginal returns. D) decreasing marginal product. E) the point that implicit costs become a smaller fraction of total cost as output increases.
In the above figure, the curve that represents the most income inequality is
A) a. B) b. C) c. D) d.
The typical result of an adverse supply shock is
A. falling output accompanied by accelerating inflation. B. falling output accompanied by decelerating inflation. C. rising output accompanied by accelerating inflation. D. rising output accompanied by decelerating inflation.
Figure 18.1Refer to Figure 18.1. Canada has a comparative advantage in the production of:
A. bicycles. B. hang gliders. C. both bicycles and hang gliders. D. neither bicycles nor hang gliders.