What is the ratio that defines labor productivity?
A) (Y/N)
B) (Y/Q)
C) (Y/A)
D) (Y/K)
A
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Suppose the market clearing price for apples falls from $3.00 to $2.00 per pound, and the overall market clearing output increases from 1 million to 2 million pounds. How can we explain the fall in price and increase in market output?
A) Supply decreased and demand remained unchanged. B) Supply remained unchanged and demand decreased. C) Demand increased and supply remained unchanged. D) Demand remained unchanged and supply increased.
If competitive industry Y is incurring substantial losses, output will
What will be an ideal response?
If perfectly competitive firms are earning positive economic profits in the short run, then in the long run other firms will enter the market.
Answer the following statement true (T) or false (F)
(Figure: Guns and Butter) Look at the figure Guns and Butter. On this figure, points A, B, E, and F:
A) show that the opportunity cost of more guns increases but that of more butter decreases. B) indicate that society wants butter more than it wants guns. C) indicate constant costs for guns and increasing costs for butter. D) indicate combinations of guns and butter that society can produce using all of its factors efficiently.