In order for a production possibilities curve to shift to the right, which of the following must occur?
A) government involvement
B) increasing consumer wants
C) economic growth
D) reductions in the supply of resources
Ans: C) Economic growth
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A direct or positive relationship between price and quantity supplied is
A) the market clearing price. B) a change in demand. C) a supply curve. D) a demand curve.
A deadweight loss arises in a perfectly competitive market as each firm is a price taker
a. True b. False Indicate whether the statement is true or false
Product differentiation forms the basic rationale for advertising expenditures by monopolistically competitive firms
Indicate whether the statement is true or false
A regressive tax is one where the taxpayer's percent of income paid in taxes will ____ as incomes increase. An example is the ____
a. decrease; sales taxes on food b. decrease; state corporate income taxes c. increase; property taxes on residential real estate d. increase; federal household income taxes