Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point E to Point A, the opportunity cost of hybrid cars, measured in terms of motorcycles
A. increases.
B. initially increases, then decreases.
C. decreases.
D. remains constant.
Answer: A
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When only a small number of producers compete with each other is a defining characteristic of
A) inelastic supply. B) monopolistic competition. C) efficient competition. D) oligopoly.
Once a nation has been producing a good or service for some time,
a. its supply curve for that product is vertical b. its supply curve for that product is horizontal at the world price c. it often develops a comparative advantage in producing that good or service d. its moves along its production possibilities frontier and produces more of it e. its production possibilities frontier shifts outward
Higher unemployment insurance benefits tend to increase unemployment because they
What will be an ideal response?
Which figure above shows the effect of a decrease in the number of pizza sellers?
A) Figure A B) Figure B C) Figure C D) Figure D E) Both Figure B and Figure C