The table above represents different points along a production possibilities curve. What is the marginal cost of moving from 2 bushels to 3 bushels of beans?
A) 9 bushels of carrots per bushel of beans
B) 12 bushels of carrots per bushel of beans
C) 3 bushels of carrots per bushel of beans
D) 21 bushels of carrots per bushel of beans
C
Economics
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The negative of the slope of the isoquant indicates the ___________________________
Fill in the blank(s) with the appropriate word(s).
Economics
Which conditions must be present for "perfect competition" to occur?
A) A large number of buyers and sellers, and all of them enjoy full and complete information. B) Sellers produce identical products. C) There is a costless mobility of resources. D) Everybody behaves as a price taker. E) All of the above.
Economics