Author Question: Someone can become an inefficient producer of a particular good by becoming an extremely potent ... (Read 27 times)

stock · **on:** Jun 29, 2018

Someone can become an inefficient producer of a particular good by becoming an extremely potent producer of some other good

A) if efficiency and inefficiency are not calculated in terms of opportunity costs.
B) if efficiency is measured in terms of labor hours required to produce each good.
C) if a larger output of one good entails a smaller output of the other.
D) if the demand for one of the goods declines.

Question 2

If the demand and supply curves for a commodity both shift to the left by the same amount, then in comparison to the initial equilibrium, the new equilibrium will be characterized by:

A) a higher price quantity.
B) the same price and a higher quantity.
C) the same price and a lower quantity.
D) a lower price and a higher quantity.