Suppose a society begins by producing 3 units of X and 4 units of Y and then alters production to 4 units of X and 4 units of Y. If the quantity and quality of resources and the technology being used remain unchanged, then:
a. 3 units of X and 4 units of Y are a combination best represented by a point inside the production possibilities curve [PPC].
b. we can conclude that the society has moved along the PPC.
c. we can conclude that resources were being fully utilized at 3 units of X and 4 units of Y.
d. we can conclude that resources were being efficiently utilized at 3 units of X and 4 units of Y.
e. 3 units of X and 4 units of Y are a combination best represented by a point outside the PPC.
a
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If a firm can create important complements to its original product, it has
a. Created an uncontrollable factor that can change the demand for its product b. Created an uncontrollable factor that cannot change the demand for its product c. Created a controllable factor that can change the demand for its product d. Created a controllable factor that cannot change the demand for its product
If an increase in the price of Good A causes an increase in the demand for Good B, Goods A and B are said to be complements
a. True b. False Indicate whether the statement is true or false