American manufacturers rapidly dropped waterwheels when the steam engine was introduced

When the current price of an item is greater than the item's market clearing price

A) supply is greater than demand. B) demand is greater than supply. C) quantity supplied is greater than quantity demanded. D) quantity supplied is less than quantity demanded.

Which of the following ideas is illustrated by the production possibilities curve [PPC]?

a. There are no limits on the total production feasible in an economy. b. An economy need not decrease the production of one commodity to increase the production of another. c. It is possible to satisfy unlimited wants in an economy through proper investment in research and development. d. When an economy chooses to produce a combination of goods and services, other combinations of goods and services are sacrificed. e. An economy can specialize in the production of only one good.