Regarding the production possibilities curve, an improvement in technology will
A. cause a movement downward along the curve
B. shift the curve to the right.
C. shift the curve o the left.
D. cause a movement downward along the curve.
Answer: B
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A perfectly competitive firm maximizes its profits by producing the amount of output such that
A) MR = P. B) MR = MC. C) P = AVC. D) P = ATC.
Refer to Table 2-13. What is Horace's opportunity cost of bathing a cat?
A) one and a half groomed dogs B) two groomed dogs C) two-thirds of a groomed dog D) half a groomed dog
We assume that in the long run in a perfectly competitive market:
A. the firms can enter or exit. B. the number of firms is fixed. C. the price will be constant. D. collusion will set in without government regulation.
Public funding of stadium construction for a professional football, baseball or basketball team could be argued using "merit good" logic
Indicate whether the statement is true or false