According to classical growth theory, people earn only a subsistence real income because of growth in
A) technology.
B) employment.
C) population.
D) labor productivity.
E) capital.
C
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Refer to the market diagram. Of the surplus that the consumers lose because there is a monopoly (and not perfect competition), how much has become deadweight loss?
The following questions refer to the accompanying market diagram. PC and QC are the equilibrium price and quantity if the firm behaves competitively, and PM and QM are the equilibrium price and quantity if the firm is a simple monopoly.
a. Area E
b. Area H
c. Area E + H
d. Area C + D + H
The principle of opportunity cost
A) is applicable to all decision-making. B) only refers to monetary payments. C) is more relevant for firms than for individuals. D) is only relevant in economics.
The above figures show the market for oranges. Which figure shows the effect of a new technology called "the orange picker," which harvests oranges less expensively than ever before?
A) Figure A B) Figure B C) Figure C D) Figure D
Which of the following goods probably has the lowest (absolute value) short-run price elasticity of demand?
A) fresh fruit B) frozen dinners C) cars D) refrigerators