A perfectly inelastic supply curve is also called an infinitely elastic supply curve
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Figure 2-6. If the economy is currently producing at point E, what is the opportunity cost of moving to point D?
A) 26 thousand forks B) 0 spoons C) 16 thousand spoons D) 20 thousand forks
Unemployment due to factors such as weather or fluctuations in demand for certain goods and services during different times of the year is called ________ unemployment
A) frictional B) structural C) cyclical D) seasonal
Economists assume that the goal of a firm is to
A) maximize economic profits. B) sell as many units as possible. C) maximize gross revenues. D) be the largest firm in its industry.
If an economy is operating inefficiently, then
a. the economy can increase production of consumption goods without reducing capital goods. b. there is always a positive opportunity cost to increasing output. c. output can only be increased through capital investment. d. output cannot be increased.