The production possibilities frontier can be used to illustrate all of the following concepts, except one. Which is the exception?
a. productive inefficiency
b. opportunity cost
c. the law of demand
d. scarcity
e. the law of increasing opportunity costs
C
Economics
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Network effects and simultaneous consumption tend to foster the development of:
A. Pure competition B. Monopoly power C. Net social benefits D. Allocative efficiency
Economics
If firms in a competitive market are not? identical, then an increase in cost for all firms will
A. shift marginal cost to the right. B. push the most efficient firms out of the market. C. push the most inefficient firms out of the market. D. Need more information.
Economics