Which point or output-combination in the above graph could the nation produce only if it experienced inefficiency?
Combination F
Combination E
Combination C
Combination G
Combination F
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Suppose that you have noticed that almost all of the car dealers in your city are located along a three-block stretch of the same street. A likely reason for this clustering of car dealers is that:
A. each dealer sells a different brand of car, so they are not competitors and do not have to be concerned about the other dealers' locations. B. the dealers are better able to form a cartel. C. there is a social norm in that city that dealers follow in choosing location. D. each dealer is attempting to locate closest to the customers.
The law of supply states that
A) producers are legally required to make necessary items available in the marketplace. B) there is a positive relationship between price and quantity supplied, ceteris paribus. C) producers should only sell the items when the price is right. D) producers should only produce what they can sell.
Suppose a firm produces pollution when it generates electricity. The cost of the pollution is called the
A) marginal cost. B) marginal private cost. C) marginal external cost. D) marginal social cost.
As an economy accumulates more capital per worker, labor productivity:
a. increases and the standard of living grows. b. decreases and the standard of living falls. c. decreases and the standard of living grows. d. increases and the standard of living falls.