Capital accumulation causes the production possibilities curve to shift inward over time
a. True
b. False
Indicate whether the statement is true or false
False
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Explain the role of advertising in monopolistic competition. Describe how advertising by all firms in a monopolistically competitive industry impacts a firm's ATC curve, its MC curve, its demand curve, and its MR curve
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The Scarcity Principle applies to:
A. firms primarily. B. everyone. C. poor people primarily. D. consumers primarily.
The cost a business faces when changing prices in response to an economic shock is called
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If North Korea is currently producing at efficiency, and it proceeds to increase the size of its military, then, as long as nothing else changes, its
A. Production of nonmilitary goods will decrease. B. Production possibilities curve will shift outward. C. Production of nonmilitary goods will increase. D. Production possibilities curve will shift inward.