Karl Marx was critical of markets on the grounds that they are not efficient.
Answer the following statement true (T) or false (F)
False
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Suppose over the next several years the productivity of firms producing electric cars improves dramatically. The advance in productivity leads to
a. an increase in the supply of electric cars so that the supply curve shifts rightward. b. an increase in the supply of electric cars so that the supply curve shifts leftward. c. a decrease in the supply of electric cars so that the supply curve shifts rightward. d. a decrease in the supply of electric cars so that the supply curve shifts leftward.
Trade is only beneficial if a nation has an absolute advantage in producing all products.
Answer the following statement true (T) or false (F)
When firms enter a monopolistically competitive industry, the demand curves of the remaining firms in the industry
A. shift to the left. B. shift to the right. C. shift upward. D. do not change.
In perfect competition, restrictions on entry into an industry
a. do not exist. b. apply to labor but not to capital. c. apply to capital but not to labor.