Under perfect competition, the lure of profits makes producers try to equate marginal cost and price
a. True
b. False
Indicate whether the statement is true or false
True
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Natural monopolies are monopolies that are based on
A. patents. B. control over a strategic natural resource. C. extensive economies of scale in production. D. copyrights.
In the first few years of the Great Depression, unemployment rose to about
a. 10 percent, and prices rose about 14 percent. b. 15 percent, and prices rose about 22 percent. c. 20 percent, and prices fell about 14 percent. d. 25 percent, and prices fell about 22 percent.
Briefly discuss the implications of a country operating inside its production-possibility curve. Use a graph in your discussion.
What will be an ideal response?
For the 1952-2014 period in the United States, productivity
A. showed the largest increase during the 1980s. B. fluctuated in the short run around an upward trend. C. increased at a constant rate. D. decreased during the 1960s.