Abigail wishes to spend more time this week studying for her classes. Using the idea of a production possibilities curve, and assuming Abigail is currently spending all of her time efficiently, Abigail can spend more time studying this week only if
a. she also spends more time doing other things.
b. she spends less time doing other things.
c. Daylight Savings Time begins this week, so everyone moves their clocks ahead one hour.
d. none of the above.
B
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The key difference between monopolistic competition and perfect competition is that in monopolistic competition the tangency of
a. AC and the demand curve occurs along the negatively sloped part of AC. b. the demand curve and AC occurs at the minimum point of the AC curve. c. AC and the demand curve occurs along the positively sloped part of AC. d. MC and MR at the optimum output.
Today, producers changed their expectations about the future. This change
a. can cause a movement along a supply curve. b. can affect future supply, but not today's supply. c. can affect today's supply. d. cannot affect either today's supply or future supply.
The country of Southland produced $2,000 billion of output in one year. The population of Southland was 100 million, of whom 60 million were employed. What was average labor productivity in Southland?
A. $33 B. $20,000 C. $33,333 D. $20
Why do some markets have more firms than others?
What will be an ideal response?