Which of the following countries had the lowest level of real GDP per person in 2014?
a. Bangladesh
b. Indonesia
c. Mexico
d. China
a
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A production possibilities curve shows the combinations of products which can be produced in an economy which is fully employing and efficiently using its productive resources
Indicate whether the statement is true or false
Patents
A) are a legal barrier to entry. B) remove legal barriers to entry. C) create economies of scale. D) decrease the incentive to innovate. E) are prohibited in the United States.
If a market is controlled by one perfect price discriminator who is able to charge each consumer the highest price that consumer is willing to pay, the seller will produce output until the price paid by the last consumer is equal to the marginal cost
of making the good. That is, the price of the last good equals the marginal cost of making the good. If welfare is measured as consumer surplus plus producer surplus, compare this market structure to a competitive market in terms of efficiency and equity.
An increase in demand, holding supply constant, will tend to cause:
a. Lower prices and a smaller quantity sold b. Lower prices and a larger quantity sold c. Higher prices and a larger quantity sold d. Higher prices and a smaller quantity sold