A cost imposed on people other than the consumers of a good or service is a:
a. price floor.
b. price ceiling.
c. positive externality.
d. negative externality.
d
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Along a bowed-out production possibilities frontier, as more of one good is produced,
a. the opportunity cost of producing that good remains constant b. the opportunity cost of producing that good decreases c. efficiency decreases d. the opportunity cost of producing both goods must remain constant e. technology remains constant
Specialization in production
A. Makes a country weak. B. Reduces the standard of living. C. Increases output. D. Decreases total world output.
Refer to the graph shown. Within which part of the production function is the firm most likely to operate?
A. A B. B C. C D. B and C
Use the figure below to answer the following question.
The diagram concerns supply adjustments to an increase in demand (D1 to D2) in the immediate period, the short run, and the long run. In the long run, the increase in demand will
A. increase both equilibrium price and quantity. B. increase equilibrium price but not equilibrium quantity. C. have no effect on either equilibrium price or quantity. D. increase equilibrium quantity but not equilibrium price.