Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point A necessarily represents
A. only hybrid cars being produced.
B. an unattainable production point.
C. what society wants.
D. the economy's optimal production point.
Answer: A
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Which of the following statements about a monopolistically competitive firm is FALSE?
A) It tries to differentiate its product from that of competitors. B) It may earn short-run economic profits. C) It produces the quantity at which MC=MR. D) It sets price like a perfectly competitive firm.
The theory of consumer choice illustrates that people face tradeoffs, which is one of the Ten Principles of Economics
a. True b. False Indicate whether the statement is true or false
Suppose a perfectly competitive firm and a monopolist are both charging $5 for their respective products. From this, one can infer that:
A. the competitive firm is charging too much, and the monopolist is charging too little. B. the marginal benefit from selling an additional unit of output is less than $5 for both firms. C. the marginal benefit from selling an additional unit of output is $5 for the competitive firm and less than $5 for the monopolist. D. the marginal benefit from selling an additional unit of output is $5 for both firms.
Recessions are always caused by negative demand shifts.
Answer the following statement true (T) or false (F)