Externalities occur when a transaction directly impacts all the people involved in the transaction

The demand for an input used in a fixed proportions technology

A) is identical to the demand for the other inputs. B) is greater than the demand for the end product itself. C) lies below the demand for the end product itself. D) is the same as the demand for the end product itself.

A production possibilities curve indicates that when resources are being used efficiently,

a. you can only produce more of one good only if you lower its price. b. you can only produce more of one good only if you produce more of another good. c. you can only produce more of one good only if you produce less of another good. d. it is impossible to expand the total output of goods over time.