A PPF, such as the one above, that bows outward illustrates
A) decreasing opportunity cost.
B) increasing opportunity cost.
C) that technology is improving.
D) that productivity is falling.
B
Economics
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The table above gives the utility from pens and pencils. If pens and pencils both cost $.25 each and the consumer has an income of $2.25, which of the following combinations maximizes the consumer's utility?
A) 3 pens and 6 pencils B) 4 pens and 5 pencils C) 5 pens and 4 pencils D) 6 pens and 3 pencils
Economics
Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $5 and the wage rate is $62.50 per day, how many workers should Winnie employ to maximize his profit?
A) 2 B) 3 C) 4 D) 5
Economics