Supply Schedule
What will be an ideal response?
A table that shows the relationship between the price of a good and the quantity supplied.
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A natural monopoly occurs when
A) one firm owns all the vital resources needed to produce a particular good. B) economies of scale allow one firm to supply the entire market at the lowest possible cost. C) a few firms collude to act as a single firm. D) one firm captures all the consumer surplus.
Teenagers are usually the demographic group with the highest unemployment rates
a. True b. False Indicate whether the statement is true or false
In a particular economy, the price index was 120 in 2012 and 130 in 2013 . Which of the following statements is correct?
a. The economy experienced a rising price level between 2012 and 2013. b. The economy experienced a higher inflation rate between 2012 and 2013 than it had experienced between 2011 and 2012. c. The inflation rate between 2012 and 2013 was 10 percent. d. The base year is 2011.
Social welfare functions can be formed in many ways. They can be additive, meaning that the all utilities curves are added together. They incorporate the idea of least-best, meaning that the utility of the person with the least is maximized. If you were a central planner for an economy, what type of social welfare function would you create?
What will be an ideal response?