On this production possibilities curve, what product is being produced?
a. hours of study time
b. grades for two classes
c. labor for the professor
d. methods of studying
b. grades for two classes
Economics
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In Great Britain, raising taxes on gasoline has increased the costs of supplying gasoline. As a result, the equilibrium quantity of gasoline ________ and the equilibrium price of gasoline ________
A) increases; falls B) decreases; falls C) does not change; rises D) decreases; rises E) increases; rises
Economics
An increase in income causes the demand of normal goods to _________ and the price of normal goods to
a. Increase; increase b. Increase; decrease c. Decrease; increase d. Decrease, decrease
Economics