Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point B to Point D, the opportunity cost of motorcycles, measured in terms of hybrid cars,
A. increases
B. remains constant.
C. initially increases, then decreases.
D. decreases.
Answer: A
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Exhibit 8-8 Profit maximizing for a monopolist
?
As shown in Exhibit 8-8, if the monopolist produces the profit-maximizing output, total revenue is the rectangular area:
A. OQAP1. B. OQ2BP2. C. OQ3CP3. D. OQ2DP4.
Broadly defined, technological advance:
A. can occur in the short run, long run, or very long run. B. comprises new and improved goods and services and/or new and improved ways of producing or distributing them. C. includes invention but not innovation or diffusion. D. includes product innovation but not process innovation.
In 1911, two major antitrust cases were brought before the Supreme Court involving
A. Standard Oil and American Tobacco. B. American Tobacco and United States Steel. C. United Shoe Machinery and United States Steel. D. Eastman Kodak and Standard Oil.
One common measure of the "standard of living" in a nation is ________.
A. real GDP B. population size C. the unemployment rate D. real GDP per capita