Using a production possibilities curve, a technological advance that increases the amount of output for the same amount of inputs would be illustrated as
a. an inward shift of the curve.
b. a movement from one point to another point along the curve.
c. an outward shift of the curve.
d. a movement from a point on the curve to a point inside the curve.
C
You might also like to view...
Under the VER of the 1980s, Japan's automakers received:
a. additional quota rents of about $2.2 billion. b. approximately 10% lower prices. c. censure by the WTO for failing to behave in a competitive manner. d. wage concessions from their U.S. employees to keep plants open in the United States.
Refer to the table below. If the price of hamburger falls from $5 to $3, then the weekly market quantity demanded will:
The table below shows the weekly demand for hamburger in a market where there are just three buyers.
A. Increase from 24 to 52
B. Decrease from 52 to 24
C. Increase from 120 to 156
D. Increase from 29 to 55