Which of the following would NOT allow society to move to point h in the figure above?
A) an improvement in technology
B) more efficient use of resources of current resources
C) an increase in quantity of labor
D) an increase in quantity of capital
B) more efficient use of resources of current resources
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The law of supply states that, holding all else constant, as the price of a good falls:
A. quantity demanded falls. B. quantity supplied rises. C. quantity demanded rises. D. quantity supplied falls.
Real-wage unemployment can be caused by which of the following?
A. Retraining programs B. Low-interest student loans C. Minimum wage laws D. None of these cause real-wage unemployment.
A perfectly competitive firm maximizes profit where marginal revenue or pice equals marginal cost.
Answer the following statement true (T) or false (F)
Refer to Table 9-8. Fill in the following table with the opportunity costs of producing bows and arrows for Ahmet and MyLinh
Bows Arrows Ahmet MyLinh