In a production possibilities frontier diagram, the attainable production points are shown as
A) the points inside and the points on the production possibilities frontier.
B) only the points inside the production possibilities frontier.
C) any of the production points.
D) only the points beyond the production possibilities frontier.
E) only the points on the production possibilities frontier.
A
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Each point on the demand curve reflects
A) all the wants of a given household. B) the highest price consumers are willing and able to pay for that particular unit of a good. C) the highest price sellers will accept for all units they are producing. D) the lowest-cost technology available to produce a good.
If the demand for dog grooming increases so that the price of dog grooming rises, then number of workers hired by Doug's Dog Grooming would
A) decrease. B) increase. C) remain unchanged. D) Any of the above answers are possible.