William Nordhaus' depletion hypothesis
A) is an attempt to explain the drop in the multifactor productivity growth rate between 1913 and 1964.
B) suggests that depletion of natural resources may explain part of the drop in multifactor productivity growth.
C) suggests that a drop in the rate at which new inventions are made may explain part of the drop in multifactor productivity.
D) B and C
E) all of the above
D
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Refer to Figure 12-16. Which panel best represents the perfectly competitive organic produce market in which some firms are earning short-run economic profits, and the Surgeon General announces that switching from non-organic produce to organic
produce will add 5 years to the average life span of consumers? A) Panel A B) Panel B C) Panel C D) Panel D
Resale price maintenance
A) requires a retailer to sell a good no lower than the specified price. B) is illegal. C) is the price of a maintenance contract on a good, such as an extended service contract on a car. D) has a net negative impact on competition.
Wheat farmers in Kansas would benefit from a devastating crop failure in North Dakota (another major wheat-producing state) if the U.S. demand for wheat is
a. inelastic b. elastic c. unit elastic d. downward sloping e. perfectly elastic
The long-run average total cost curve of a firm envelops many short-run average total cost curves
a. True b. False Indicate whether the statement is true or false