An increase in the price of a key input in production, like oil, increases aggregate supply.
Answer the following statement true (T) or false (F)
False
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In the above figure, for a single-price monopoly the consumer surplus is equal to the area
A) abP1. B) acP2. C) bce. D) bed. E) cQ20P2.
Economic reasoning is based on the premise that: a. all decisions or actions are costless
b. only non-economic decisions or actions have a cost associated with them. c. only economic decisions or actions have a cost associated with them. d. all decisions and actions have a cost associated with them.
Suppose that a firm's long-run average total costs of producing small commuter jet airplanes increases as it produces between 2,000 and 4,000 airplanes. For this range of output, the firm is experiencing
a. economies of scale. b. constant returns to scale. c. diseconomies of scale. d. specialization.
According to economists, which of the following is a good predictor of human behavior in most situations?
a. obligation b. altruism c. selfishness d. self-interest