If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line.
B. negatively sloped and "bowed inward" toward the origin.
C. negatively sloped and "bowed outward" from the origin.
D. a positively sloped straight line.
Answer: C
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Based on the table for total, marginal, and average revenue, if the firm sells at a whole dollar unit price below $3, the marginal revenue is ______.
a. optimal
b. zero
c. negative
d. positive
In earlier centuries, the Roman and Chinese economies:
A. Expanded in such a way that output per person increased B. Expanded in such a way that output per person decreased C. Declined in such a way that output per person decreased D. Expanded but output per person remained virtually stagnant
An industry is made up of 8 firms with the following percent market shares: 29, 20, 11, 10, 9, 8, 7, 6. The firms with 8 and 7 percent market share are proposing to merge. What is the new Herfindahl-Hirschman index if the merger takes place?
A) 225 B) 1462 C) 1692 D) 1804
In factor markets, firms __________ and households ____________
a. demand resources; supply resources b. supply resources; demand resources c. demand resources; demand goods d. supply resources; demand goods e. supply resources; supply goods