Efficient production can be carried out anywhere on or below the production possibilities frontier
a. True
b. False
Indicate whether the statement is true or false
False
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The average cost curve for a natural monopoly is downward sloping where it intersects the market demand curve
a. True b. False
Distinguish between the economist's definition of profit and the accountant's definition. Which is superior for decision making?
If a natural disaster were to cause a negative long-run supply shock to the economy, once the economy adjusts, the new equilibrium will be at a:
A. higher price level and lower level of output. B. lower price level and lower level of output. C. higher price level and higher level of output. D. lower price level and higher level of output.
The European Union has relatively large production and income effects on Africa.
Answer the following statement true (T) or false (F)