Durable goods and non-durable goods comprise approximately ________ of the supply side of the GDP.
a. 1%
b. 20%
c. 45%
d. 80%
c. 45%
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________ increases economic efficiency because it forces firms to produce and sell goods and services as long as the additional benefit to consumers is greater than the additional cost of production
A) Competition B) A centrally planned economy C) Equity D) Voluntary exchange
Max has allocated $100 toward meats for his barbecue. His budget line and indifference map are shown in the above figure. If Max's current MRS = -0.8, then Max is at point
A) b. B) d. C) e. D) None of above.
According to the above table, at a price of $16 per DVD, there is
A) an equilibrium. B) a surplus of 3000 DVDs. C) a shortage of 3000 DVDs. D) a shortage of 1500 DVDs.
When supply increases
A. demand decreases. B. price increases because excess supply develops at the original price. C. price decreases because a less supply is available at the original price. D. price decreases because a excess supply at the original price.