An improvement in technology would
a. enable the economy to produce outside its original production possibilities frontier
b. enable the economy to move along its original production possibilities frontier
c. eliminate scarcity; therefore, the production possibilities frontier would no longer exist
d. have no effect on the production possibilities frontier
e. change the production possibilities frontier to a line with a positive slope
A
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Refer to Figure 16-3. Which group of customers is likely to have a more elastic demand curve (more sensitive to price)?
A) the customers from "The Chateau"—market A B) There is no difference in the elasticity of demand between the two groups. C) There is insufficient information to answer this question. D) the other residents of the neighborhood—market B
The typical monopolistically competitive firm always earns an economic profit in the long run, regardless of whether or not it advertises
a. True b. False
Semen consists of
A. sperm B. alkaline fluid C. fructose D. all of the above
In public education, the value of the services provided is
A. greater than the value that parents and students place on the services. B. zero since they are a public good. C. less than the value that parents and students place on the services. D. equal to the value that parents and students place on the services.