Answer the following questions true (T) or false (F)
1. Consider a country that produces only two goods: bird feeders and binoculars. Suppose it is possible for this country to increase its production of bird feeders without producing fewer binoculars. In this case, its current output combination is inefficient.
2. Any output combination along a production possibility frontier is associated with overused or unattainable resources.
3. A decrease in the labor force shifts the production possibilities frontier inwards over time.
1. TRUE
2. FALSE
3. TRUE
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In an oligopoly market, there is (are) ________ seller(s)
A) one B) a few C) many D) very many
Why is eradicating child labor seen as an economic investment?
What will be an ideal response?
If a firm produces 10 units, TC=$100 . When the firm increase its output to 15 units, TC= $150 . The firm's AVC equal to
a. $5 b. $10 c. $50 d. $100
Which statement is true?
A. The monopolist operates at the minimum point of its average total cost curve. B. Once a monopoly is set up, it is impossible to dislodge it. C. Monopolies are always large firms. D. Price is always read off the demand curve.