The PPF of a country will be skewed toward the good that:
A. uses its scarce factor intensively.
B. uses its abundant factor intensively.
C. uses its intensive factor abundantly.
D. does not use its intensive factor abundantly.
Ans: B. uses its abundant factor intensively.
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Which of the following best reflects an increase in quantity demanded and not an increase in demand?
A) A college expects enrollment to increase, despite no change in the tuition. B) Skiing becomes a fashionable winter sports activity. C) The price of hair stylings falls. D) Consumers expect lower prices next month for computers.
If firms monopolistically competitive firms are making an economic profit, as new firms enter the market, each of the existing firms' demand curve shifts ________, the marginal curve shifts ________, and the profit-maximizing quantity ________
A) leftward; leftward; decreases B) rightward; leftward; increases C) leftward; rightward; decreases D) leftward; leftward; increases
In a competitive industry
a. the industry has high barriers to entry b. the industry has high barriers to exit c. the industry has high barriers to entry and exit d. the industry has no barriers to entry or exit
A monopoly firm is a ______________ and faces a __________ sloping demand curve
a. Price taker; horizontal b. Price searcher; horizontal c. Price searcher; downward d. Price taker; downward