Refer to the tables below. The domestic opportunity cost of producing more of product:
Two nations, ECON and OMICS, each produce goods A and B. The table gives points on each nation's production possibilities curve.
A. A is the same for both nations
B. B is the same for both nations
C. A is lower in OMICS
D. B is lower in OMICS
D. B is lower in OMICS
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If cash is deposited into a checking account, the supply of money increases
Indicate whether the statement is true or false
If the interest rate is below the equilibrium interest rate, then the quantity __________ of money exceeds the quantity __________ of money, and there is a __________ of money
A) supplied; demanded; shortage B) supplied; demanded; surplus C) demanded; supplied; shortage D) demanded; supplied; surplus
The increase in the price of a good would
A. cause a movement along the supply curve to a (lower price, lower quantity) point. B. cause a movement along the supply curve to a (higher price, higher quantity) point. C. move its supply curve to the left. D. move its supply curve to the right.
It has been argued that in the long run monopolistic competition is inefficient because
A) there are too many firms, each with excess capacity, producing too little output. B) there are few many firms, each with excess capacity, producing too much output. C) minimum average total costs are achieved but price exceeds marginal cost. D) minimum average total costs are not achieved and marginal cost exceeds price.