People generally view leisure
a. as an inferior good
b. as a normal good
c. as a source of disutility
d. as more valuable per unit the more they have of it
e. as unrelated to utility maximization
B
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Points outside the production possibilities curve represent combinations of products that are
A) unattainable. B) attainable only if the economy's resources are not fully employed. C) attainable if the economy's resources are either fully employed or not fully employed. D) attainable only if the economy's resources are fully employed.
The total cost of producing one unit is $50. The total cost of producing two units is $75. At a production level of two units, the cost function exhibits
A) economies of scale. B) rising average costs. C) increasing marginal costs. D) constant returns to scale.