A production possibilities curve has "good X" on the horizontal axis and "good Y" on the vertical axis. On this diagram, the opportunity cost of good X, in terms of good Y, is represented by the:
a. distance to the curve from the horizontal axis.
b. distance to the curve from the vertical axis.
c. distance from the origin to the curve.
d. change in Y for each change in X along the curve.
d
Economics
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A focus on quality means:
A) A firm does nothing but produce the highest quality product. B) An inability to actually produce anything. C) A firm must decide whether an additional focus on quality is worth the cost. D) The firm will definitely be successful. E) Consumers will not be willing to purchase the product.
Economics
The best example of decision-making at the margin would be
What will be an ideal response?
Economics