Other things remaining constant, the only way to move along a given supply curve for a product is for:
a. Technological changes to occur
b. The number of sellers to increase or decrease
c. The price of resources used to produce the product to increase or decrease
d. The product's price to increase or decrease
Answer: d. The product's price to increase or decrease
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Scarcity raises both price and marginal utility but generally reduces total utility.
Answer the following statement true (T) or false (F)
When a country forgoes its own currency and starts using another country's currency as its own, we say that this country has
A) created a currency board. B) undergone dollarization. C) adopted a managed exchange system. D) adopted an exchange rate monetary system.
Because of the free rider problem
a. side payments are necessary in order to achieve an efficient outcome b. a needed side payment can shrink until it is not large enough to compensate losers and still leave gainers better off c. efficient outcomes can never be achieved d. the Coase Theory often applies to real-world situations e. externalities are less common than they would otherwise be
In the long run, a monopolistically competitive firm will:
a. produce more than a perfectly competitive firm. b. suffer an economic loss. c. earn positive economic profit. d. produce less than a perfectly competitive firm.