Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point F
A. represents underallocation of resources.
B. represents what the people want.
C. is efficient and attainable.
D. cannot be produced with the current state of technology.
Answer: D
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Laura purchased a brand new Pontiac for $20,000. The moment she assumed ownership, and drove it off the lot, its market value immediately fell to $17,500. Is the $2,500 difference in value a sunk cost?
A) No. B) Yes it is, but only if Laura regrets her decision to have purchased the new Pontiac. C) Yes it is, but only if Laura receives no compensating benefit from the new Pontiac. D) Yes it is, but only if Laura decided to immediately resell the car. E) Yes it is, period.
In the long run, a firm in a monopolistically competitive industry produces where its marginal cost
A) is less than its average cost. B) equals its average cost. C) exceeds its average cost. D) equals its price.
Suppliers will provide more of a good when
A. there is a decrease in demand. B. the good is a normal good. C. the market price increases. D. resource prices increase.
Explain what factors cause shifts of the aggregate demand curve in the open economy model
What will be an ideal response?