A country can shift the production possibilities curve outward by ______.
a. discouraging entrepreneurial activity
b. decreasing its population growth rate
c. raising the standard of living
d. improving and increasing its capital
d. improving and increasing its capital
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Economic theory
a. is a deliberate simplification of factual relationships. b. seeks to disprove a hypothesis. c. is based mainly on assumptions. d. seeks to prove political ideals.
Which of the following would cause an increase in the equilibrium price and decrease in the equilibrium quantity of watermelon?
A) a decrease in demand and an increase in supply B) a decrease in supply C) an increase in demand and an increase in supply greater than the increase in demand D) an increase in demand and an increase in supply
A firm earns a profit if
A. price equals marginal cost. B. total revenue equals total fixed costs. C. total revenue exceeds the total cost of production. D. price is less than the total cost of production.
For a cartel to work, demand for the cartel's product must be
A. inelastic. B. perfectly elastic. C. elastic. D. unit elastic.