Use the above figure. Refer to the above diagram where curves (a) through (d) are for four different countries. Income is equally distributed in
A. Country A.
B. Country B.
C. Country C.
D. Country D.
Answer: A
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In the price-leadership model,
a. firms believe that price increases result in a very elastic demand, while price decreases result in an inelastic demand for their product. b. each firm acts as a price taker. c. one dominant firm takes the reactions of all other firms into account in its output and pricing decisions. d. firms coordinate their decisions to act as multiplant monopolies.
A firm that experiences economies of scale has a ______ average cost curve.
A. positively-sloped B. negatively-sloped C. U-shaped D. flat
Which is the most accurate statement?
A. The poverty of older Americans is much greater than the problem of child poverty. B. Public assistance has been considered a great success. C. Medicare and Medicaid date back to the New Deal of the 1930s. D. Less than half of those eligible receive food stamps.
What is a production function?
a. A relationship between a firm's profits and the technology it uses in its production processes. b. A relationship between the cost and revenue of a firm associated with each possible output level. c. A relationship between any combination of input services and the maximum attainable output from that combination. d. The relationship between a worker's education and his or her ability to be a productive employee.