The slope of a typical production possibilities frontier reflects the fact that
a. some systems of market organization are more efficient than others.
b. the invisible hand always functions smoothly in a market system without government intervention.
c. when resources are allocated efficiently, it's impossible to produce more of anything without producing less of something else.
d. production is only possible when resources are allocated efficiently.
c
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Technological improvements are more likely to occur if
A) the economy is centrally planned. B) economic decisions are made by politicians rather than entrepreneurs. C) entrepreneurs are compensated with higher profits for taking risks. D) companies face little competition in their markets.
Recall the Application about the government of Mexico City repainting highway lane lines to transform a 4-lane highway into a 6-lane highway to answer the following question(s).When computing percentage changes, using the simple approach results in increases and decreases which are:
A. identical. B. symmetric. C. not symmetric. D. more accurate than using the midpoint method.