Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point F
A. is efficient and attainable.
B. cannot be produced with the current state of technology.
C. represents underallocation of resources.
D. represents what the people want.
Answer: B
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When entry of new firms decreases input prices in an industry, it is a(n)
a. increasing cost industry. b. decreasing cost industry. c. constant cost industry. d. input elastic industry.
If the world price of coffee is lower than Colombia's domestic price of coffee without trade, then Colombia
a. should import coffee. b. has a comparative advantage in coffee. c. should produce just enough coffee to satisfy domestic demand. d. should produce no coffee domestically.
When a firm experiences continually declining average total costs, the firm is a
a. government-created monopoly. b. price taker. c. natural monopoly. d. revenue maximizer.
In order to prosper, entrepreneurs in a market economy must
What will be an ideal response?