The figure above shows how the PPF for cell phones and new cell-phone factories can expand. In the figure, if the economy chose the point on this year's PPF that is below point K, the next year's PPF would
A) shift inward along the vertical axis.
B) shift outward along the horizontal axis farther than the new PPF shown in the figure.
C) shift outward along the vertical axis, not along the horizontal axis.
D) shift outward along the horizontal axis, but not as far as the new PPF shown in the figure.
E) shift inward along the horizontal axis.
The figure above shows Liz's and Joe's production possibilities for Salads and Smoothies.
D
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Which of the following are exempt from the antitrust laws?
A) colleges and universities B) all professional athletes C) labor unions D) deregulated industries
A monopoly which arises from significant economies of scale is referred to as a
A. natural monopoly. B. patent monopoly. C. strategic resource monopoly. D. monopolistic competitor.
As technology advances,
A) all opportunity costs decrease. B) the PPF shifts outward. C) a country moves toward the midpoint along its PPF and can produce more of both goods. D) all opportunity costs increase. E) the PPF shifts inward because unemployment occurs.
For a firm in monopolistic competition, the efficient scale is the amount of output at which ________ is a minimum
A) fixed cost B) average total cost C) average variable cost D) average fixed cost E) marginal cost