As the price of milk increases, producers are normally willing to supply greater quantities. This is known as the law of
a. demand
b. gravity
c. variable proportions
d. profitability
e. supply
E
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An economy's production possibilities are most likely to expand if
A. Gross investment is greater than depreciation. B. Net investment is zero. C. Net investment is negative. D. Depreciation is greater than gross investment.
Which of the following statements is not true?
A. Periods of growth below the potential level are periods of high unemployment. B. Periods of growth above the potential level are periods of low employment. C. Periods of growth below the potential level are periods of low unemployment. D. The potential growth rate in the U.S. economy may have fallen following the financial crisis of 2007-2009.
Allocative efficiency is achieved when firms produce goods and services
A) that consumers value most. B) at a marginal cost of zero. C) at the lowest possible cost. D) at the lowest opportunity cost.
A monopolist is a price taker, just like a perfect competitor.
Answer the following statement true (T) or false (F)