The straight-line production possibilities curve introduced in the text
A) is not subject to increasing opportunity costs.
B) fails to reflect tradeoffs.
C) fails to benefit trading nations.
D) refutes the principles of comparative advantage.
E) All of the above.
A
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Firms consider the ________ wage when considering whether to hire additional units of labor
A) minimum B) real C) normal D) nominal
Susan says, "If the price of wool coats goes up, suppliers will offer more of the coats for sale." Brad replies, "It takes three months to harvest wool and employ all the steps necessary to produce a wool coat. Quantity supplied cannot possibly increase for three months." Is Brad correct? Why or why not?
When the MPC = 0.9, the multiplier is
A) 0.20. B) 1.25. C) 2.50. D) 5.00. E) 10.00.
The following question relates to an oligopoly market where the industry demand curve is P = 100 - Q. If the Bertrand model is assumed to be the appropriate one for analysis, what will be the price of the product and the quantity sold in this duopoly market?
What will be an ideal response?