The production possibilities curve shows different combinations of goods that:
a. can be consumed by households.
b. can be consumed by firms.
c. can be produced with the available technology.
d. are produced and consumed by firms.
e. are bought and sold in the market.
c
Economics
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In order to draw an individual's budget line, we must know
A) prices and preferences. B) prices and income. C) income and preferences. D) prices, income, and preferences.
Economics
Refer to Scenario 10.2. Suppose that in addition to the tax, a business license is required to stay in business. The license costs $1000. What happens to profit?
A) It increases by $1000. B) It decreases by $1000. C) It decreases by less than $1000. D) It stays the same.
Economics