All of the following would cause the production possibilities curve to shift outward EXCEPT
A) an improvement in technology.
B) an increase in the amount of labor available.
C) a decline in the unemployment rate.
D) an increase in the level of capital stock.
C
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Monopolistic competition is characterized by firms
A. producing differentiated products. B. producing where price equals marginal cost. C. making economic profits in the long run. D. producing at optimal productive efficiency.
Scarcity can best be defined as a situation in which
A) there are no buyers willing to purchase what sellers have produced. B) there are not enough goods to satisfy all of the buyers' demand. C) there is more than enough money to satisfy consumers' wants. D) the resources we use to produce goods and services are limited.
Resources that flow through the circular flow model include all of the following except:
a. land. b. labor. c. capital. d. final goods.
If a perfectly competitive firm’s average total cost curve is above its demand schedule at every level of output, then the firm will earn _______ profits.
A) positive B) breakeven C) negative D) zero