Which of the following ideas are NOT demonstrated by the PPF?
a. Efficiency
b. Scarcity
c. Opportunity cost
d. Diminishing returns to scale
d
Economics
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For a given supply curve, an increase in demand will typically
a. increase price, but quantity could change in either direction b. increase quantity, but price could change in either direction c. increase price but leave quantity unchanged d. decrease both quantity and price e. increase both quantity and price
Economics
Screening is the attempt by the uninformed side of the market to uncover the relevant but hidden characteristics of the informed party
a. True b. False
Economics