Refer to the above graph. Which of the following statements about combination G is true?
The nation cannot produce combination D.
The nation would prefer to be at combination F than at combination G
The nation can currently produce combination G.
The nation cannot produce combination G because of insufficient resources and technology
The nation cannot produce combination G because of insufficient resources and technology
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Consumers lose when a market is served by a monopolist to the extent that units of output for which the price consumers are willing to pay exceeds the marginal costs of production are not produced
Indicate whether the statement is true or false
Which of the following is a positive economic statement?
a. Too much government spending is the biggest problem facing the U.S. economy. b. Creating jobs is the most serious problem facing the U.S. economy. c. Raising taxes provides additional revenue that should be used to finance health care. d. If taxes are over 50 percent of national income, job creation falls.
When the government increases its demand for loanable funds, it causes the demand:
A. for loanable funds curve to shift to the right, which increases interest rates. B. of loanable funds curve to shift to the left, which decreases interest rates. C. of loanable funds curve to shift to the right, which decreases interest rates. D. for loanable funds curve to shift to the left, which increases interest rates.
Figure 6.5 shows the short-run and long-run effects of an increase in demand of an industry. The market is in equilibrium at point A, where 100 identical firms produce 6 units of a product per hour. If the market demand curve shifts to the right, what has happened to an individual firm's output level at point B?
A. Each firm produces two more units per hour. B. Each firm produces relatively smaller level of output as more firms enter the market. C. Each firm will produce the same level of output. D. None of these