Using the production possibilities curve, a technological advance that increases the amount of output for both goods while using the same amount of inputs would be illustrated by which of the following?
What will be an ideal response?
An outward shift of the curve.
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How Money is Created?
Why do loans create more money?
In an oligopolistic market, if rival sellers act independently, each will have a strong incentive to
a. reduce price in order to increase sales and gain a larger share of the total market. b. increase price in order to get a larger share of the market and make larger profits. c. restrict output and raise price in order to achieve higher profits. d. maintain agreements to lower price and decrease product quality in order to earn higher profits.
After graduating from college, you receive job offers from five different accounting firms. All job offers have a different compensation package. Is it irrational for you to accept an offer that doesn't provide the highest level of monetary compensation? Use the concept of compensating differentials to explain your answer
If sellers become more willing and able to sell more of a service at every possible price, there has been an increase in
A. quantity supplied. B. supply. C. wages or other factor costs. D. demand.