The MC curve is
A. J.
B. K.
C. L.
D. M.
D. M.
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If the marginal social benefit of consuming a product exceeds the marginal social cost of producing it, social welfare is
a. increased by reducing output b. decreased by expanding output c. unchanged by expanding or reducing output d. increased by expanding output e. maximized
Which of the following definitions or statements is not correct?
a. The entire business cycle can be measured from one peak to the next peak. b. Oddly enough, if you consider the entire business cycle, they all have the same duration. c. The entire business cycle can be measured from one trough to the next trough. d. An expansion occurs when broad-based economic activity improves significantly and lasts for more than a few months. e. A recession occurs when there is a significant contraction in economic activity that is spread broadly across the economy and lasts for more than a few months.
?Kites /hourSnowboards /hourJesse81April123
Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 3.2 shows how much of each good Jesse and April can paint in one hour. Which of the following is true?
A. April has a comparative advantage in painting kites but not snowboards. B. April has a comparative advantage in painting snowboards but not kites. C. April has a comparative advantage in painting both goods. D. April does not have a comparative advantage in painting either good.
What are some of the benefits of perfect competition?
What will be an ideal response?