A decrease in the quantity of available resources would be represented by:
a. a steeper PPC.
b. a point inside the PPC.
c. an inward shift of the PPC.
d. an upward movement along the PPC.
e. a downward movement along the PPC.
c
Economics
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"In order for Charlie Trotter's, an upscale restaurant in Chicago, to maximize profit from the employment of chefs, the restaurant should hire chefs up to the point where the value of marginal product equals the wage rate for chefs"
Is the statement correct or incorrect?
Economics
How has the pattern of fluctuations in overall U.S. business activity changed since World War II?
A) It has become less volatile. B) Expansions have been eliminated. C) Contractions have been eliminated. D) Recessions have been eliminated.
Economics