The concept of ____________________is based on voluntary decisions made by producers.
Fill in the blank(s) with the appropriate word(s).
Ans: supply
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Resources are used more efficiently if people, regions, and countries specialize in goods for which they have a(n): a. disincentive to trade with others
b. higher opportunity cost. c. absolute advantage in production. d. comparative advantage in production.
The longest contractionary period in the U.S. Economy since 1854 was how long?
a. 3 ½ years b. 4 ½ years c. 5 ½ years d. 6 ½ years
Which of the following expressions can be used to calculate the producer surplus (PS)?
A) PS = profit output B) PS = profit + fixed cost C) PS = variable cost - fixed cost D) PS = average cost output
In the figure, curves 1, 2, 3, and 4 represent the:
A. ATC, MC, AFC, and AVC curves respectively.
B. MC, AFC, AVC, and ATC curves respectively.
C. MC, ATC, AVC, and AFC curves respectively.
D. ATC, AVC, AFC, and MC curves respectively.