The most desirable combination of output attainable with existing resources, technology, and social values is known as the
A. Attainable mix of output.
B. Efficient mix of output.
C. Efficient choice of production.
D. Optimal mix of output.
Answer: D
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Prices that adjust slowly are
A) auction prices. B) custom prices. C) flexible prices. D) heavy prices.
In economics, an organization that produces a good or service is called a
A) business. B) firm. C) company. D) All of the above are correct.
A competitive price-searcher market is characterized by firms
a. being able to choose their price and by low barriers preventing firms from entering or leaving the market. b. being able to choose their price and by high barriers preventing firms from entering or leaving the market. c. having to accept the market price for their product and by high barriers preventing firms from entering or leaving the market. d. having to accept the market price for their product and by low barriers preventing firms from entering or leaving the market.
The most plausible reason why changes in the price of cotton can cause shifts in the supply curve for tobacco is:
A. cigarette smokers often wear cotton shirts. B. when incomes rise, people consume more cotton and tobacco. C. firms can switch from growing tobacco to cotton and vice versa. D. tobacco is an input in the production of cotton.