A firm's ______ shows the least-cost input combinations at all possible levels of output for fixed input prices.
A. cost function
B. output expansion path
C. isocost line
D. efficient production frontier
B. output expansion path
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The gains from trade are
a. evident in economic models, but seldom observed in the real world. b. evident in the real world, but impossible to capture in economic models. c. a result of more efficient resource allocation than would be observed in the absence of trade. d. based on the principle of absolute advantage.
If all firms in an industry are price-takers, then:
What will be an ideal response?
A firm in monopolistic competition has ________ demand curve
A) a downward-sloping B) an upward-sloping C) a vertical D) a horizontal E) a U-shaped
Holding other things constant, decreases in the price level in the US will
a. Cause the dollar to appreciate b. Cause the dollar to depreciate c. Cause no change in dollar value d. None of the above