In the circular-flow diagram, factors of production are the goods and services produced by firms

a. True
b. False
Indicate whether the statement is true or false


False

Economics

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"A single-price monopoly charges a higher price and produces more output than a perfectly competitive industry." Is the previous statement correct or incorrect? Explain your answer

What will be an ideal response?

Economics

Indifference curves shift or rotate

A) only when income changes. B) only when prices change. C) when either income or prices change. D) with none of the above because changes in income and prices do not shift indifference curves.

Economics

Adverse selection will occur in a market as a result of

A) rational ignorance. B) moral hazard. C) the sale of "lemons." D) asymmetric information.

Economics

Refer to the data provided in Table 9.4 below to answer the question(s) that follow.  Table 9.4qTFCTVCTCMCAVCATC0$100  $0$100  ----  --  11004014040  40  140  21006016020  30   80  31009019030  30    63.334100124  224  343156  5100180  280  56  36  56  6100  264    364  84  44    60.677100  372    472  108  53.14  67.42Refer to Table 9.4. The market price is $84 and this firm is producing four units of output. Which of the following would you recommend to this firm?

A. Increase output to seven units so that price is less than marginal cost. B. Continue producing four units of output, because the firm is able to make an economic profit. C. Increase output to six units, so that marginal cost equals marginal revenue. D. Reduce price to $34, so that marginal cost will equal marginal revenue at 4 units of output.

Economics