If the marginal social benefit of ice cream curve shifts rightward because people now like ice cream better than before, the marginal social cost curve of ice cream will shift leftward
Indicate whether the statement is true or false
FALSE
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The largest proportion of M1 is made up of
A) checking account deposits. B) savings account deposits. C) currency. D) traveler's checks. E) time deposits.
The difference between technology and technological change is that
A) technology is product-centered, that is, developing new products with our limited resources while technological change is process-centered in that it focuses on developing new production techniques. B) technology is carried out by firms producing physical goods but technological change is an intellectual exercise into seeking ways to improve production. C) technology involves the use of capital equipment while technological change requires the use of brain power. D) technology refers to the processes used by a firm to transform inputs into output while technological change is a change in a firm's ability to produce a given level of output with a given quantity of inputs.
State and local governments were smaller than the federal government in 1900
a. True b. False
In general, when the price of a fixed factor of production increases:
A. the profit-maximizing price falls. B. marginal cost increases. C. the profit-maximizing level of output increases. D. the profit-maximizing level of output does not change.