Production possibilities frontiers can be used to illustrate scarcity, trade-offs, opportunity cost, efficiency, unemployment, technological advances, and economic growth

One of the reasons communism failed was because:

a. governments ran out of money. b. workers received the same pay whether or not they worked hard. c. there was no unemployment. d. Mao Zedong passed away. e. technological improvements were impossible in a communist economy.

Using only marginal revenue and marginal cost, we can determine whether a firm is incurring a profit or a loss

a. True b. False Indicate whether the statement is true or false