Refer to the graph below, showing the long-run supply and demand curves in a purely competitive market. The curves suggest that in this industry, the dollars' worth of other products that have to be sacrificed in order to produce each unit of the output of this industry is:
A. Constant
B. Increasing
C. Decreasing
D. Not indicated in the graph
A. Constant
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In a society where government mandates that everyone shares the product of one's hard work with everyone else, people will tend to work harder than they would if they could keep the full product of their work
Indicate whether the statement is true or false
Over the past year, an economy's labor supply increased from 100 to 102, its capital stock increased from 1000 to 1030, and its output increased from 500 to 525. All measurements are in real terms
Calculate the contributions to economic growth of growth in capital, labor, and productivity if aK = 0.2 and aN = 0.8.
The supply curve for a monopoly is given by
a. the firm's marginal cost curve above the average variable cost curve. b. the one point on the demand curve that corresponds to the quantity for which price is equal to marginal cost. c. the entire demand curve above the point where price is equal to average cost. d. the monopolist does not have a well-defined supply curve.
In any country, the population will generally be better off as long as the ____ over time and population ____
a. quantity and quality of output decreases; does not increase faster than real output b. quantity and quality of output increases; increases faster than real output c. quantity and quality of output increases; does not increase faster than real output d. technology improves; increases faster than real output