The following graph is the production possibilities frontier of a nation:
Refer to the graph. The combination "5 drill presses and 2 units of bread" indicates an
A. inefficient combination for the nation.
B. ideal combination for the nation.
C. efficient combination for the nation.
D. unattainable combination for the nation.
Answer: A
Economics
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Refer to the scenario above. Which of the following will you choose in order to maximize return?
A) Plan 1 B) Plan 2 C) Plan 3 D) Plan 4
Economics
When the selling price of a good rises (goes up), what is the relationship to the quantity supplied?
a. The profit made on each item goes down. b. It becomes practical to produce more goods. c. The cost of production goes down. d. There is no relationship between the two.
Economics