"Supply creates its own demand" is known as
A) Smith's law.
B) Say's law.
C) the circular flow.
D) the Ricardian dilemma.
B
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A monopolistically competitive firm will always choose to produce where
A) marginal revenue equals marginal cost. B) marginal cost meets the demand curve. C) average total cost meets the demand curve. D) average total cost is minimized.
If a monopolist has zero marginal costs, it will produce a. in the range in which marginal revenue is increasing. b. the output at which total revenue is maximized
c. at the point at which marginal revenue is zero. d. Both (b) and (c).
Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown in the accompanying figure.
According to Moe's PPC, moving from a 70 to an 80 in economics:
A. has a lower opportunity cost than moving from an 80 to a 90. B. is unattainable. C. has a higher opportunity cost than moving from an 80 to a 90. D. is inefficient.
If per capita output increases by 5 percent and output grows by 3 percent, the population must be:
A. increasing at a rate of 2 percent. B. increasing at a rate of 8 percent. C. falling at a rate of 2 percent. D. falling at a rate of 8 percent.