Any point on the production possibilities curve illustrates:
a. minimum production combinations. b. maximum production combinations.
c. economic growth. d. a nonfeasible production combination.
b
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Richard Bland quit his job as an accounting professor to start his own restaurant. He gave up a salary of $50,000 per year and withdrew $100,000 in bank CDs earning 5 percent to buy a building and equipment. In the restaurant's first year it had direct expenses of $75,000 and revenues of $150,000 . The restaurant's economic profit was
a. $15,000. b. $20,000. c. $75,000. d. not possible to determine from the information given.
Use the following table to answer the next question.Total ProductTotal Fixed CostTotal Variable Cost0$150$0115050215075315010541501455150200615027071503608150475915062010150800Based on the cost data given, which of the following price-quantity tables correctly represents the firm's short-run supply schedule?(1)(2)(3)(4)PQsPQsPQsPQs$201$200$200$203302300300304453454450455604605600606755756755757956957956958120712081207120915081509150815010
A. Table (1) B. Table (2) C. Table (3) D. Table (4)