If the production possibilities curve is a downward-sloping straight line, that would indicate
a. that society cannot decide which good it prefers
b. an absence of scarcity
c. constant opportunity cost
d. inefficiency
e. specialization
C
Economics
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What condition has been reached when buyers will purchase exactly as much as sellers are willing to sell?
a. supply and demand b. excess demand c. equilibrium d. price floor
Economics
Which of the following statements is true?
a. The money price is usually the same as the time price for most consumers. b. The money price of a good is always greater than the time price. c. The money price is always greater for high-wage earners than for low-wage earners. d. The time price is usually less for low-wage earners than for high-wage earners. e. The time price of a good is directly proportional to the money price.
Economics