If all resources were perfectly adaptable for alternative uses, the production possibilities curve would
A) be bowed out.
B) be a loop.
C) be a straight line.
D) not exist.
Answer: C
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When the price of Ford pickup trucks rises from $18,000 to $19,000, the quantity of Chevy trucks demanded increases from 112,000 to 144,000. What is the cross elasticity of demand between Ford and Chevy trucks?
What will be an ideal response?
Specialization occurs because
A) society trades current consumption for future consumption. B) the production possibilities curve tends to be linear. C) people have different skills. D) society produces made the production possibilities curve.
All firms and all industries face identical long-run average cost curves
Indicate whether the statement is true or false
Which of the following combinations of characteristics best describes a monopolistically competitive firm?
A. Supplies a small share of the market and sells a product that is undifferentiated from other firms in the market. B. Supplies a large share of the market and sells a product that is undifferentiated from other firms in the market. C. Supplies a small share of the market and sells a product that is slightly different than its competitors. D. Supplies a large share of the market and sells a product that is slightly different than its competitors.