If marginal cost is rising
A) marginal product in rising.
B) marginal product is falling.
C) average variable costs is equal to marginal cost.
D) average variable cost is above average total cost.
B
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With consumption goods measured on the vertical and capital goods measured on the horizontal axis of a production possibilities curve, for Ethiopia to increase its future economic growth, it must choose a point that is
a. inside the curve b. further away from the origin on the horizontal axis c. further away from the origin on the vertical axis d. outside the curve e. closer to the origin on the horizontal axis
Which of the following statements is true about productive and allocative efficiency?
A. Realizing allocative efficiency implies that productive efficiency has been realized. B. Productive efficiency can only occur if there is also allocative efficiency. C. Society can achieve either productive efficiency or allocative efficiency, but not both simultaneously. D. Productive efficiency and allocative efficiency can only occur together; neither can occur without the other.