In Figure 3-2, a point such as E
A. is not obtainable.
B. is an efficient use of resources.
C. represents an inefficient allocation of resources.
D. indicates that the society is a capitalist society.
Answer: C
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Minneapolis business Rogue Chocolatier sells specialty chocolate bars with a high cocoa content. Rogue can produce 15 chocolate bars per day with one employee, 29 with 2, 35 with 3 and 40 with 4 employees. Which statement is TRUE?
A) Rogue's marginal product curve decreases continually. B) Rogue's marginal product curve initially increases and then decreases. C) Rogue's total product curve increases at an increasing rate. D) Rogue's marginal product curve decreases initially and then increases.
If a huge percentage change in price leads to a small percentage change in quantity demanded, then demand is said to be elastic
a. True b. False Indicate whether the statement is true or false
Market failure occurs when no individual has the ability to substantially influence market prices
a. True b. False Indicate whether the statement is true or false
Those who believe that wages adjust ________ to clear the labor market also believe that the ________ curve is vertical.
A. quickly; AD B. slowly; AD C. quickly; AS D. slowly; AS