Different points on a production possibilities curve:
A) yield the same values of total output.
B) yield different values of total output.
C) have the same values of slope, if the production possibilities curve is non-linear.
D) can be achieved simultaneously
Answer: B) yield different values of total output.
Economics
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The reason that the government offers inventors exclusive rights to their product for a period of time is to
A) promote innovation. B) increase profits of certain companies. C) maximize consumer utility. D) reduce market concentration.
Economics
The figure above shows the market for umbrellas in Sunville. When the market for umbrellas in Sunville is in equilibrium, what is the producer surplus?
A) $3,000 B) $1,000 C) $10 D) $600
Economics