Which of the following is not demonstrated by a production possibility curve?
A. scarcity
B. opportunity cost
C. necessity for choice due to scarcity
D. price
D. price
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In a multiplayer game where there are two equally-enjoyable choices of what to do, and everyone wants to do what everyone else is doing, there will be three Nash equilibria
Indicate whether the statement is true or false
The budget line and the indifference curve are geometric devices used to provide a closer look at consumer choice.
Answer the following statement true (T) or false (F)
Even when there are only a few firms in a market, the market can still be competitive as long as barriers to entry are low. Markets of this type are called
a. monopolistic markets. b. price-taker markets. c. contestable markets. d. convertible markets.
In 1933, net private domestic investment was a minus $6.0 billion. This means that:
a) gross private domestic investment exceeded depreciation by $6.0 billion. b) the economy was expanding in that year. c) the production of 1933's GDP used up more capital goods than were produced in that year. d) the economy produced no capital goods at all in 1933.