The dynamic process of competition a. provides profit-seeking sellers with little incentive to heed consumer preferences. b. was shown by adam smith to be a major source of economic inefficiency. c. provides consumers with alternative suppliers and thus a mechanism with which they can discipline sellers. d. will permit business decision makers to earn long-run economic profit unless they are regulated by government officials.

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Suppose a country's productivity last year was 84. if this country's productivity growth rate of 5 percent is to be maintained, this means that this year's productivity will have to be:

Suppose either computers or televisions can be assembled with the following labor inputs: units produced 1 2 3 4 5 6 7 8 9 10 total labor used 3 7 12 18 25 33 42 54 70 90 (a) draw the production possibilities curve for an economy with 54 units of labor. label it p54. (b) what is the opportunity cost of the eighth computer? (c) suppose immigration brings in 36 more workers. redraw the production possibilities curve to reflect this added labor. label the new curve p90.