When Acme, Inc produces a certain amount of output at least cost, Acme, Inc definitely
A) achieves economic efficiency.
B) uses more capital than labor.
C) earns a normal profit.
D) None of the above is true.
A
You might also like to view...
Absolute advantage is determined by
A) actual differences in labor productivity between countries. B) relative differences in labor productivity between countries. C) Both A and B. D) Neither A nor B.
How would you define a DD schedule?
A) the combinations of output and the exchange rate that must hold when the home money market and the foreign exchange market are in equilibrium B) the combinations of output and the exchange rate that must hold when the output market is in short-run equilibrium C) factors of production in the long run D) the aggregate demand in relation to the foreign market value E) the currency depreciation in relation to the exchange rate
Suppose you drive a car that gets good gas mileage, and you notice that more and more people are driving gas-guzzling cars. Their increased demand for gas:
A. is likely to cause the price you pay for gas to increase. B. does not change the price you pay, but it reduces the quantity of gas supplied. C. is likely to cause the price you pay for gas to decrease. D. does not affect you.
Scarcity
What will be an ideal response?