The point on the production possibilities curve at which an economy will operate is determined by:
A) which point produces the greatest amount of both goods.
B) the demands of consumers.
C) the absolute prices of the two goods.
D) which point requires the fewest resources.
Ans: B) the demands of consumers.
Economics
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________ when its inventory increases
A) A firm's total product curve is likely to shift upward B) A firm's labor demand curve is likely to shift to the left C) A firm's cost curve is likely to shift downward D) A firm's labor demand curve is likely to shift to the right
Economics
The figure above shows the costs and benefits associated with producing paper. What is the unregulated competitive market level of output?
A) 0 B) 4 tons C) 6 tons D) More than 6 tons E) None of the above answers is correct.
Economics