At which point might society be able to produce if new resources were discovered but cannot produce with current resources? (See Figure 1.1.)
A. A.
B. B.
C. C.
D. D.
Answer: A
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All points on the firm's expansion path
a. give the firm the maximum possible profit. b. minimize the firm's cost of producing some level of output. c. have the same long-run average cost. d. make the marginal product of labor equal to the marginal product of capital.
Product-specific services are valuable to complex ________ goods that consumers purchase ________.
A) experience; infrequently B) inspection; frequently C) experience; frequently D) inspection; infrequently
Explain whether the market produces too little, too much, or the right amount: (a) of goods with detrimental externalities; (b) of goods with public good characteristics
Holding other factors constant, if new environmental regulations increase firms' cost of operating capital, then the real interest rate will ________ and the equilibrium quantity of national saving and investment will ________.
A. increase; decrease B. decrease; increase C. increase; increase D. decrease; decrease