The above figure illustrates Mary's production possibilities frontier. If Mary wants to move from point d to point c, she must
A) improve technology.
B) increase her accumulation of capital.
C) give up some of good X in order to obtain more of good Y.
D) give up some of good Y in order to obtain more of good X.
C
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What is the "most efficient capacity" for the perfectly competitive firm?
A) The plant size at which LRAC is at its minimum. B) The plant size at which any of the SRATC curves are tangent to the LRAC curve. C) The plant size at which MR = MC. D) The plant size for which Price = AR.
Which of the following is an example of a hidden characteristic?
A) After purchasing life insurance, Billy joins the bomb squad. B) Only the owner knows about her car defects. C) Bobby let his employer know about his college degree. D) Sally provides her driving record to the car insurance company.