A point lying inside (under) a production possibilities curve indicates that
a. the economy is saving money.
b. there are no associated opportunity costs.
c. more output could be produced with existing resources.
d. technology limits production.
c
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Eva wants to create a graph containing the prices of concert tickets and the corresponding quantities of concert tickets demanded by customers. She should use a(n)
a. pie chart. b. bar graph. c. time-series graph d. coordinate system.
Refer to the information given. If the price level unexpectedly declines from 100 to 75, the level of real output in the short run will:
Suppose the full employment level of real output (Q) for a hypothetical economy is $500, the
price level (P) initially is 100, and prices and wages are flexible both upward and downward.
Use the following short-run aggregate supply schedules to answer the question.
A. rise from $500 to $560.
B. fall from $500 to $440.
C. fall from $560 to $500.
D. rise from $440 to $500.