If society is producing a combination of goods on its production possibilities frontier
a. it must be employing all available resources.
b. it must be growing.
c. it is using all the available natural resources but may not be using all available labor resources.
d. Both a and b.
a
Economics
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Firms in monopolistic competition can achieve product differentiation by
A) expanding plant size. B) exploiting economies of scale in production. C) advertising special characteristics. D) setting the price equal to average revenue.
Economics
Jaycee Jeans sold 40 pairs of jeans at a price of $40. When it lowered its price to $20, the quantity sold increased to 60 pairs. Calculate the absolute value of the price elasticity of demand. Use the midpoint formula
A) 1.67 B) 1.0 C) 0.6 D) 0.53
Economics