With a technological change that increases productivity, the average product curve ________ and the marginal product curve ________
A) shifts upward; is unchanged
B) is unchanged; is unchanged
C) is unchanged; shifts upward
D) shifts upward; shifts upward
D
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
Refer to Figure 18.2. The opportunity cost of producing fishing poles in Macadamia is
A) 3/4 of a spear. B) 5/6 of a spear. C) 6/5 spears. D) 4/3 spears.
In an oligopoly with differentiated products, firms ________
A) make positive economic profits B) incur losses C) earn zero economic profits D) do not face competition from its rivals
Which of the following events would most likely increase the price elasticity of demand for scalping tickets to Chicago Bears games?
a. new uniforms for the players b. a winning season c. a decrease in the number of seats available at the stadium d. a losing season e. an increase in the number of seats available at the stadium