Input efficiency:
A. means that holding constant the total amount of each input used in the economy, there is no way to increase any firm's output without decreasing the output of another firm.
B. is not a requirement of Pareto efficiency in a production economy.
C. exists when it is possible to produce more of one good and at least as much of every other good using the same inputs.
D. is the same as efficient efficiency.
A. means that holding constant the total amount of each input used in the economy, there is no way to increase any firm's output without decreasing the output of another firm.
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If firms differ in terms of their technologies, a drop in demand will cause a long run decrease in output price.
Answer the following statement true (T) or false (F)
A difference between inventory investment and fixed investment is that
A) fixed investment is never unplanned. B) fixed investment is never planned. C) inventory investment is never unplanned. D) unplanned inventory investment is always zero.
If a business's total economic cost of producing 2,000 units of a product is $1,000,000 and this output is sold to consumers for $1,300,000, then the firm would earn an economic profit of:
a. $1,300,000 b. $1,000,000 c. $300,000 d. $200,000
The curve which summarizes the total quantity producers are willing and able to produce at differing prices is the:
A. average cost curve. B. market demand curve. C. consumer surplus curve. D. market supply curve.