A competitive market where firms currently earn positive economic profit will see firms exit the industry from increased competition

The attainable production points on a production possibilities curve are

A) the horizontal and vertical intercepts. B) the points outside the area enclosed by the production possibilities frontier. C) the points along the production possibilities frontier. D) the points along and inside the production possibility frontier.

Other things remaining unchanged, which of the following is a determinant of the quantity supplied of a good?

a. The cost of inputs used in production b. The price of the product c. The income levels of consumers d. The price expectations of producers e. The preferences of consumers