What changes must occur for the potential total output of the economy to grow?
Please provide the best answer for the statement.
For the economy to grow there must be either an expansion of resources or an improvement in productive efficiency so that more can be produced with the existing level of resources. Both of these changes would be most desirable for rapid growth.
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Which is the true statement?
A) A society does not need an authoritative central plan to generate order and cooperation. B) A society will fall into social chaos without an authoritative central plan. C) An economic system can last only if guided by a central economic plan. D) Both B and C are true.
Nonprice competition, price leadership, and cartels are models in the ____ market structure(s)
a. perfectly competitive b. monopolistically competitive c. oligopoly d. monopoly e. perfectly competitive and monopolistically competitive
Longer time frames generally result in less elastic supply
a. True b. False Indicate whether the statement is true or false
If the demand for legal services decreases, the demand for legal assistants probably will:
A. increase. B. decrease. C. not be affected. D. change in a manner that cannot be predicted.