Assuming the inner curve is the United States' current production possibilities frontier, points J, N and K represent
A. an inefficient use of resources.
B. an output that is not possible to produce.
C. points of unemployed resources.
D. points of fully employed resources.
D. points of fully employed resources.
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Refer to the table below. If Sweet Grams is a perfectly competitive firm and the market price $1.75 per unit, what is the profit-maximizing quantity for Sweet Grams to produce at Plant 2?
Sweet Grams makes graham cracker snack packages. Sweet Grams is a multi-plant firm with two production facilities. The above table summarizes the total marginal cost of production at various output levels in the separate plants. Assume Sweet Grams is a perfectly competitive firm.
A) 32,000
B) 36,000
C) 32,500
D) 27,000
A person has a comparative advantage in producing a good if:
a. that person can produce the good at a lower absolute cost than anyone else. b. that person can produce the good at a lower opportunity cost than anyone else. c. that person has a perfectly elastic demand curve for her good. d. that person spends less on advertizements. e. that person can produce the good at a higher opportunity cost than anyone else.
University financial aid can be viewed as a type of price discrimination
a. True b. False Indicate whether the statement is true or false
The cartel model of oligopoly assumes that:
A. monopolists sometimes act like oligopolists when they pit divisions of the same corporation against one other. B. oligopolies act as if they are monopolists by setting prices competitively for each member. C. oligopolies act as if they are monopolists by assigning output quotas to each member so that joint profits are maximized. D. oligopolies act as if they are perfectly competitive when there are no barriers to entry.