Based on the graphic for perfect competition versus monopoly, the consumer surplus for perfect competition is ______ the consumer surplus for monopoly.
a. greater than
b. less than
c. equal to
d. the opposite of
a. greater than
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The above figure shows a nation's production function. Point A is
A) the maximum amount of real GDP the nation can produce. B) the labor market equilibrium quantity of employment and real GDP. C) attainable if the economy is inefficient. D) attainable if the nation uses resources efficiently. E) unattainable given the state of the economy.
What involves taking the risks that are necessary to seek out business opportunities?
A. Invention B. Benchmarking C. Averaging D. Entrepreneurship
If the price of a good in a closed economy is greater than the world price, then if the country opens its markets to world trade the country will be a ________ of that good.
A. net exporter B. producer C. net importer D. importer and exporter
In a constant-cost industry, inputs prices do not change with changes in output.
Answer the following statement true (T) or false (F)