Refer to the diagram. All other things equal, curve C:
A. reflects increasing opportunity costs because the slope of the curve becomes less steep as
one moves down along the curve.
B. is a less desirable production possibilities curve for an economy than curve B.
C. is a more desirable production possibilities curve for an economy than curve A.
D. has a steeper slope throughout than curve B.
C. is a more desirable production possibilities curve for an economy than curve A.
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Households receive a total income of $5 million. Of this, $3.5 million are wages received for labor services, $1 million are rental payments, and $250,000 are interest payments received
What are the costs of production and profits equal to respectively? A) $4.75 million; 0 B) $5 million; $250,000 C) $4.75 million; $250,000 D) $5 million; $500,000
Some economists claim that investment and economic growth are dependent upon income inequality
Indicate whether the statement is true or false