If a country operates on its PPF, it achieves production efficiency
Indicate whether the statement is true or false
TRUE
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Niceville, Ohio, only has two dentists, while the surrounding communities have many more on a per capita basis. The demand for dental services is such that these two dentists could agree to raise their prices (they play golf together every Saturday) and earn economic profit. Instead, they choose to price competitively and earn what other dentists earn. What might explain this?
Which of the following statements best represents the principle represented by the adage, "There is no such thing as a free lunch"?
a. Michelle can attend the concert only if she takes her sister with her. b. Michael is hungry and homeless. c. Andrea must repair the tire on her bike before she can ride it to class. d. Dani must decide between going to Florida or Brazil for spring break.
A key determinant of the price elasticity of supply is the
a. number of close substitutes for the good in question. b. extent to which buyers alter their quantities demanded in response to changes in prices. c. length of the time period. d. extent to which buyers alter their quantities demanded in response to changes in their incomes.
For all firms, the additional revenue collected from the sale of one additional unit of output is termed:
A. marginal profit. B. average revenue. C. price. D. marginal revenue.