In the above figure, the efficient level of chemicals produced per week is
A) 0 tons.
B) 4 tons.
C) between 5 and 7 tons.
D) 8 tons.
B
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Each of the following took place in the latter half of the 1990s except
A. a declining federal budget deficit. B. a declining unemployment rate. C. the spread of computerization. D. a rising rate of inflation.
Which of the following statements about the classical model of the economy is FALSE?
A) Individuals pursue the public interest, not their own self-interest. B) The economy will always move toward, or be at, full employment. C) Savings and investment will always be equal. D) Wages and prices are flexible.
The profits of the leader in a Stackelberg duopoly:
A. are greater than those of the follower. B. are less than those of a Sweezy oligopolist. C. equal those of the follower. D. are less than those of the follower.
What is comparative advantage? What is absolute advantage?
What will be an ideal response?