The production possibilities frontier illustrates
a. the combinations of goods that could be produced with resources and technology constant
b. how technology influences opportunity costs
c. the law of diminishing returns
d. how price changes affect decision making of individuals
e. the law of demand
A
Economics
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Refer to the above data. What quantities of X and Y should be purchased to maximize utility?
A) 2 of X and 1 of Y B) 4 of X and 5 of Y C) 2 of X and 5 of Y D) 2 of X and 6 of Y
Economics
For a natural monopoly to cover its total cost, its price must equal its
A) average total cost. B) marginal cost. C) demand. D) total fixed cost. E) marginal revenue.
Economics