If a firm is achieving economic efficiency it must also be achieving technological efficiency
Indicate whether the statement is true or false
TRUE
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Suppose that aggregate demand increases along the upward sloping portion of the aggregate supply curve. What is the result?
A) Real GDP increases more than nominal GDP increases. B) Nominal GDP and real GDP increase by the same amount. C) Nominal GDP increases more than real GDP increases. D) Nominal GDP and real GDP decrease by the same amount.
Refer to Figure 1A.1. Assume that the graph in this figure represents the demand and supply curves for women's clothing. An increase in the wage rate for seamstresses would be represented by a shift from
A) Demand 1 to Demand 2. B) Demand 2 to Demand 1. C) Supply 1 to Supply 2. D) Supply 2 to Supply 1.
An industry supply curve is the horizontal summation of the supply curves of all of the individual firms.
Answer the following statement true (T) or false (F)
What would be the profits for Irene's Dairy in equilibrium?
a. 5 million loss b. 5 million c. 10 million d. 20 million