Production possibilities are the
A. Percentage of output produced by each worker.
B. Various production methods that producers can employ.
C. Various types of input that each manufacturing facility can choose to employ.
D. Alternative combinations of output that can be produced using all available resources and technology.
Answer: D
Economics
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Explain why a relative price is an opportunity cost
What will be an ideal response?
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Marginal cost is defined as:
A) the change in total cost due to a one unit change in output. B) total cost divided by output. C) the change in output due to a one unit change in an input. D) total product divided by the quantity of input.
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