An economy operating inefficiently is graphed as a point ______ the production possibilities curve.
a. above
b. inside
c. outside
d. on
b. inside
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There are ________ members of the FOMC
A) 5 B) 7 C) 12 D) 19
Exhibit 11-13 A monopsonist's supply and marginal revenue product data Workers Wage Rate MRP 1 $ 8 $50 2 9 25 3 10 20 4 11 17 5 12 16 6 13 13 Use Exhibit 11-13. What wage rate will the monopsonist pay the workers?
A. $11. B. $13. C. $12. D. $16.
All of the following are assumptions of both market and public-sector decision making EXCEPT
A. Decisions are motivated by individuals' self-interest. B. Opportunity costs exist in decisions. C. Decisions are based on majority rule. D. Choices reflect incentives faced by decision makers.
The graph above shows supply and demand in the domestic market without trade. Consumer surplus without trade is represented by area
A) P1-E-Po B) P1-E-0 C) Po-E-0 D) P1-E-Qo