Consider the table below, in which each production choice represents a point on a production possibility curve.ChoiceEggsRyeA100B810C620D430E240F050This production possibility table could be graphed as a:
A. curved line with negative slope.
B. straight line with negative slope.
C. straight line with zero slope.
D. curved line with positive slope.
Answer: B
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An innovation that blurred the distinction between brokerage firms and commercial banks was Merrill Lynch's development in 1977 of the
A) cash management account. B) money market mutual fund. C) individual retirement account. D) discount brokerage.
Under perfect competition, if an industry is characterized by positive economic profits in the short run
a. firms will leave the market in the long run and the short-run supply curve will shift outward. b. firms will enter the market in the long run and the short-run supply curve will shift outward. c. firms will enter the market in the long run and the short-run supply curve will shift inward. d. firms will leave the market in the long run and the short-run supply curve will shift inward.