Industries in which firms have high fixed costs and low marginal costs are likely to have a:
A. large number of small firms.
B. large number of large firms.
C. small number of small firms.
D. small number of large firms.
Answer: D
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After 2009, the price of tablets fell each year and manufacturers of tablets produced and sold more tablets each year. This result is because the
A) "law of supply" does not apply to companies in the "high-tech" sector of the economy. B) "law of demand" does not apply to customers in the "high-tech" sector of the economy. C) supply curve of tablets shifted rightward. D) demand curve for tablets shifted leftward.
Marginal utility can fall even as total utility from the consumption of a good is rising
a. True b. False Indicate whether the statement is true or false
A recession abroad would
a. increase U.S. net exports and increase aggregate demand. b. increase U.S. net exports and increase aggregate supply. c. reduce U.S. net exports and reduce aggregate demand. d. reduce U.S. net exports and increase aggregate demand.
Production is efficient if the economy is producing at a point
a. on the production possibilities frontier. b. outside the production possibilities frontier. c. on or inside the production possibilities frontier. d. inside the production possibilities frontier.