If Eddie can produce 40 milk shakes or 20 banana splits in an hour, and Tina can produce 30 milk shakes or 16 banana splits in an hour, then Tina has a comparative advantage in producing banana splits

When using expert opinion, consumer surveys, test marketing, and price experiments to analyze consumer behavior, managers must consider whether the participating groups are representative of the larger population

Indicate whether the statement is true or false

Which of the following would mostly likely shift the production possibilities curve in an outward direction?

a. a decrease in the current rate of unemployment b. a movement along the curve sacrificing capital goods for consumption goods c. an increase in the price of goods and services d. advances in medicine that reduce the incidence of disease and lengthen productive life spans