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 E necessarily represents
A. only motorcycles being produced.
B. overallocation of resources.
C. an impossible production point.
D. technological advancement.
Answer: A
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Firms are organized to keep their costs as low as possible by
A) comparing external transactions costs with internal operating cost. B) analyzing supply and demand conditions. C) minimizing their use of borrowed funds. D) utilizing the latest technology.
Explain whether the market produces too little, too much, or the right amount of goods with (a) detrimental externalities and (b) public good characteristics.
What will be an ideal response?
The Condorcet voting paradox demonstrates that democratic outcomes do not always obey the property of
a. narrowness of preferences. b. concavity of preferences. c. asymmetry of preferences. d. transitivity of preferences.
Which of the following labor markets is classified as a monopsony?
A. There are many employers, and each demands the same type of labor. B. There are three employers, and each demands the same type of labor. C. There are several employers, and each demands the same type of labor. D. There is one employer for a specific type of labor.