Refer to Figure 10.2. Which line represents wealth?
A. b
B. h
C. f + i
D. g
B. h
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Under monopolistic competition, the number of firms increases as fixed entry costs fall and as demand for the type of good produced in the market increases.
Answer the following statement true (T) or false (F)
A minimum wage is an example of a
A) price floor. B) price ceiling. C) quantity quota. D) free market equilibrium.
One reason the supply of carpenters is greater than the supply of physicians is because:
A. carpenters demand less income. B. physicians do not belong to a union. C. of differences in human capital. D. carpenters belong to unions.
A shift outward in the production possibilities curve is the direct result of improvements in the efficiency factor for economic growth.
Answer the following statement true (T) or false (F)