The demand curve facing a monopolist is
A) downward sloping.
B) upward sloping.
C) horizontal.
D) vertical.
A
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The figure above shows a nation's production possibilities frontier. If the marginal cost equals the marginal benefit at point A when 4 million pizzas are produced,
A) allocative efficiency is achieved but production efficiency is not achieved because there are no tacos being produced. B) both allocative and production efficiency are achieved. C) production efficiency is achieved but allocative efficiency is not achieved because there are no tacos being produced. D) production efficiency is achieved but allocative efficiency is not achieved because the number of tacos produced is at its absolute maximum. E) neither allocative nor production efficiency has been achieved.
Use the above graph to answer question about the labor resource market faced by producers of good X. What will shift D1 to D2?
A skilled worker is an example of:
a. unproductive resources. b. land resources. c. labor resources. d. capital resources. e. both labor and capital resources.
When the labor market is in equilibrium, real GDP ________ potential GDP
A) is greater than B) is equal to C) is less than D) might be greater than, less than, or equal to E) is not comparable to