From a point inside the production possibility frontier,
a. more of one good can be produced only by sacrificing some output of another good
b. it is possible to increase production of both goods.
c. it is impossible to increase production of either good with current resources and technology.
d. increased output of both goods can only occur if the production possibility curve shifts outward.
b
Economics
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Inventory levels unexpectedly fall and as a result firms increase the quantity of goods and services they produce. Which of the following is consistent with these two occurrences?
A) TP is greater than TE. B) TP is less than TE. C) TE is equal to TP minus the rise in inventories above the optimum inventory level. D) TP is equal to TE. E) b and c
Economics
The horizontal intercept of the budget line is:
A. M/PY. B. -PX/PY. C. M/PX. D. PYY.
Economics