Which of the points show efficient production points?
A) all points above the TP curve
B) all points on the TP curve
C) all the darkened points below the TP curve
D) all the points above and on the TP curve
E) all the darkened points below and on the TP curve
B
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Which of the following is an accurate statement about a perfectly competitive market?
a. The market has few buyers and sellers. b. Suppliers have significant control over prices. c. Each buyer purchases a large percent of the total amount sold. d. At the market price, the firm’s demand curve is extremely elastic.
A reduction in the level of unemployment would have which effect with respect to the nation's production possibilities curve?
A. It would shift the curve to the right B. It would shift the curve to the left C. It would not shift the curve; it would be represented by a movement from a point inside the curve toward a point on the curve D. It would not shift the curve; it would be represented by a movement from a point on the curve to a point outside the curve
Why do you think that the demand for coffee is less elastic than the demand for restaurant meals?
What will be an ideal response?
A monopolistically competitive firm produces where
A. marginal revenue equals price. B. marginal revenue equals marginal cost. C. its marginal revenue curve lies above its demand curve. D. its marginal revenue curve intersects the quantity axis.