Study the graph. Suppose this nation starts with producing all military goods. It then decides to produce a mix of civilian and military goods represented by point B. What represents the costs in military goods given up?
What will be an ideal response?
Answer: the vertical distance from point a to point x
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In perfect competition, a firm that maximizes its economic profit will sell its good at a price that is
A) below the market price. B) at the market price. C) above the market price. D) below the market price if its supply curve is inelastic and above the market price if its supply curve is elastic.
In thinking about the criteria for an ideal voting system, unanimity means if:
A. the median in the group prefers option X to option Y, then X beats Y. B. the majority of the group prefers option X to option Y, then X beats Y. C. no one in the group prefers option X to option Y, then it must still be possible for X to beat Y. D. everyone in the group prefers option X to option Y, then X beats Y.