Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point B to Point C so that an additional 20 OLED televisions could be produced, production of LCD televisions would have to be reduced by
A. more than 30.
B. exactly 60.
C. fewer than 30.
D. exactly 30.
Answer: A
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A firm that faces a downward sloping demand curve is known as a
A) price taker. B) utility maximizer. C) price searcher. D) perfect competitor.
Which of the following shifts short-run aggregate supply right?
A. An increase in the minimum wage B. An increase in immigration from abroad C. An increase in the price of oil D. An increase in the actual price level
The classical theory of the market concluded that the interest rate would equate _____ and _____.
Fill in the blank(s) with the appropriate word(s).
Refer to the information provided in Table 31.1 below to answer the question(s) that follow.Table 31.1PeriodQuantity of Labor (L)Quantity of Capital (K)Total Output (Y)1 50 50 2002 60 50 2203 70 50 2354 80 50 245Refer to Table 31.1. From Period 1 to Period 2, the marginal return to labor is equal to
A. 0.5. B. 1.0. C. 2.0. D. 4.0.