Using Figure 1.7, we know the production of 10 units of soda and 2 units of pizza is 
A. undesirable.
B. possible, but only if all resources were fully employed.
C. impossible because we either do not have the resources or the technology.
D. possible, but there would be unemployed resources.
Answer: C
Economics
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A firm will shut down in the short-run if
a. P>AVC
b. P
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Environmental regulation by the government
a. leads to ideal outcomes in most cases. b. is often based on goals for pollution levels that were determined by market signals. c. is most appropriate when the pollution of concern comes from many sources. d. is most likely to be economically efficient when the regulation provides substantial benefits for special-interest groups.
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