When used for production, the ________________ reflects the pareto efficient allocations of inputs to produce Goods 1 and 2
Fill in the blank(s) with the appropriate word(s).
Answer: Contract Curve
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Consider the perfectly competitive firm in the above figure. The shutdown point occurs at a price of
A) $11.00. B) $12.00. C) $16.00. D) $22.00.
Refer to Figure 5-6. Why is there a deadweight loss?
A) because the marginal private cost for each additional unit between Q1 and Q2 exceeds the marginal private benefit B) because the marginal private benefit for each additional unit between Q1 and Q2 exceeds the marginal cost C) because the marginal social cost for each additional unit between Q1 and Q2 exceeds the marginal social benefit D) because the marginal social benefit for each additional unit between Q1 and Q2 exceeds the marginal cost
Total market supply can be derived by
A) horizontally summing individual supply curves at each and every price level. B) vertically summing individual supply curves at the current technology level. C) adding up the largest quantity demanded at various prices. D) looking at the changes in the price of raw materials needed to produce the product.
Pat Robertson, a TV evangelist and former Republican Party candidate for president, once said that "debt is an affront to God," so good Christians should not spend beyond their incomes. Indeed, Robertson wants Christians to save more. If more Americans, Christians as well as others, took his message seriously, how would we represent the result using a Keynesian macroeconomic model?
a. a downward movement along the consumption function b. an upward movement along the consumption function c. a downward shift of the consumption function d. an upward shift of the consumption function