Refer to the figure below.  A change from Point A to Point B represents a(n):

In the ______________, households receive goods and services and pay firms for them.  

_____________ –  a term referring to the fact that for many goods, as the level of production increases, the average cost of producing each individual unit declines. 

The __________ is the only price where quantity demanded is equal to quantity supplied.

Refer to the graph below.  A change from Point A to Point E represents a(n):

Refer to the graph below.  The most inefficient point depicted is:

With regards to Comparative Advantage, which statement is not correct?

When economists talk about supply, they are referring to a relationship between price received for each unit sold and the __________.

In the first chapter of The Wealth of Nations, Smith introduces the idea of the __________, which means the way in which the work required to produce a good or service is divided into a number of tasks that are performed by different workers

Which line represents Vital Capacity?