The potential total output combinations of any two goods for an economy, given the available factors of production and the available production technology that firms use to turn their inputs into outputs, is shown by a ______.
a. factor market analysis
b. simple circular flow model
c. production possibilities curve
d. volatility coefficient
c. production possibilities curve
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Refer to Figure 3.3. Based on the information in the above payoff matrix, identify each player's dominant strategy (if there is one) and the location of the Nash equilibrium
What will be an ideal response?
Crude oil price controls improved efficiency in the oil industry
Indicate whether the statement is true or false
Suppose that a price-discriminating monopolist divides its market into two segments. The firm will charge the lower price in the market segment where consumers
a. have relatively less elastic demand b. have relatively more elastic demand c. attach a higher marginal value to each unit of the good d. have perfectly inelastic demand e. attach higher average value to units of the good
When looking at the economic impact of the terrorist attacks, you will find that GDP
A. was positively affected by increases in defense and homeland security expenditures. B. was unaffected by increases in defense and homeland security expenditures. C. data collectors initially denied the authenticity of defense and homeland security expenditures. D. was negatively affected by increases in defense and homeland security expenditures.