Figure 11-1
?
In Figure 11-1, a cost-reducing technological breakthrough in calculator production would cause which movement?
A. A to D
B. A to C
C. A to B
D. A to E
Answer: C
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Which of the following statements regarding the long run for a profit-maximizing monopolistically competitive firm is FALSE?
A) The firm is making zero economic profit. B) The firm produces the quantity of output for which marginal revenue equals marginal cost. C) The average total cost equals the price. D) The firm produces the quantity at which the marginal revenue curve intersects the demand curve.
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Indicate whether the statement is true or false
"No individual should have less than $20,000 income in the United States in 2010" is an example of
A) a normative statement. B) a positive statement. C) an illogical and refutable statement. D) a truism.
If individual X has comparative advantage in painting and individual Y has comparative advantage in carpentry, then
A) individual X must use fewer hours to paint a fence than individual Y. B) individual Y will specialize in painting. C) there is a lower opportunity cost (expressed in units of carpentry) for individual X to paint than for individual Y to paint. D) specialization will not occur, since each does not have a clear absolute advantage.