In the short run, a perfectly competitive firm can make a profit, a loss, or go out of business.
Answer the following statement true (T) or false (F)
False
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If the level of technology rises, GDP per hour of labor
A) decreases for a given level of capital per hour of labor. B) increases for any level of capital per hour of labor. C) decreases because the level of capital per hour of labor decreases. D) increases because the level of capital per hour of labor increases. E) does not change because GDP increases only when capital or labor increases.
Only socialist economies need to answer the What, How, and For Whom questions
a. True b. False Indicate whether the statement is true or false
If we sum the private marginal cost curves of firms producing nuclear power, we create the
a. industry supply curve for nuclear power b. market equilibrium for nuclear power c. total value of the negative externalities generated by nuclear power d. optimal allocation of resources associated with nuclear power e. marginal externality cost curve for nuclear power
Briefly and concisely define the following terms and explain their importance in the study of economics. a. excess capacity theorem b. price leadership c. kinked demand curve d. perfectly contestable market
What will be an ideal response?