In the above figure, which curve shows a positive relationship between x and y?
A) only curve A
B) only curve B
C) only curve C
D) All the curves show a positive relationshi
D
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"Any social planner who implements efficient outcomes will produce the same output in a given market as the competitive market would." In addition to the conditions of the first welfare theorem, which of the following have to hold in order for the statement in quotes to be true?
A. Consumer tastes are quasilinear. B. Consumer tastes are homothetic. C. Production frontiers are homothetic. D. Both (a) and (c). E. Both (b) and (c). F. None of the above.
In differentiating between the short- and long-run elasticities, when economists talk about short-run elasticities,
a. b and c. b. there is no need to mention short versus long run. c. the only issues are price and quantity. d. short-run elasticities are usually higher. e. short-run elasticities are usually lower.
Those who contend that oligopolists are less likely than more competitive firms to engage in R&D say that:
A. oligopolists have little incentive to introduce costly new technology and produce new products when they currently are earning large economic profit using existing technology and selling existing products. B. the undistributed profits of oligopolists give them a source of readily available, relatively low-cost funds for financing R&D. C. entry barriers enable oligopolists to sustain the profits they gain from innovation. D. the large size of oligopolists' R&D departments allows them to use very specialized, expensive R&D equipment and employ teams of specialized researchers.
Which currency is most commonly traded?
What will be an ideal response?