Efficiency is the condition in which the economy is producing what people want at the least possible cost.
Answer the following statement true (T) or false (F)
True
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In the above figure, the line represented by the "4" is the
A) average fixed cost. B) marginal revenue. C) average total cost. D) marginal cost.
Does a subsidy to buyers affect the supply curve?
A. Yes, it shifts supply up by the amount of the subsidy. B. Yes, it shifts supply to the right by the amount of the subsidy. C. No, the quantity supplied will increase, but the supply curve does not move. D. No, the quantity supplied will decrease, but the supply curve does not move.
Which is not true of market equilibrium?
A. Circumstances can change from day to day which make any equilibrium very tentative. B. All sellers who want to sell at the equilibrium price can find a buyer to sell to. C. All buyers who want to buy at the equilibrium price can find a seller to buy from. D. It is the most desirable outcome that a social order could have.
Suppose in Italy producers can make 10,000 dresses or 1,000 coats per day, while in Canada producers can make 14,000 similar dresses or 2,000 similar coats per day. Therefore
A) 1 dress costs 7 coats in Italy. B) 1 dress costs 10 coats in Italy. C) 1 coat costs 7 dresses in Canada. D) 1 coat costs 10 dresses in Canada.