Because technology has automated so many functions, personal services have become cheaper in order to compete
a. True
b. False
Indicate whether the statement is true or false
False
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Why can a monopoly make a positive economic profit even in the long run?
What will be an ideal response?
If the price of gasoline rises sharply and the demand for sports utility vehicles falls, then the two goods are
A) complements. B) normal goods. C) substitutes. D) inferior goods.
Suppose that a vaccine is developed for a highly contagious strain of flu. The likelihood that anyone will get this flu decreases as more people receive the vaccine. One of the demand curves below represents the private demand for the vaccine and the other represents the social demand for the vaccine.
The socially optimal quantity of the vaccine is ________ doses per day.
A. 75 B. 100 C. 125 D. 50
In the figure above, the combination of computers and televisions shown by point X A) is not attainable at the point in time for which the graph is drawn. B) can be attained only if some of societies resources are unemployed. C) suggests that the law of increasing relative costs does not hold. D) results only because society allocates its resources inefficiently.