A production possibilities curve shows the various:
a. prices that can be charged for capital and consumption goods.
b. combinations of prices and outputs that can be produced.
c. combinations of goods the economy has the capacity to produce.
d. combinations of resources and prices that the economy can produce.
c
Economics
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In the fooling model's AD/SAS/LAS diagram, short-run equilibria to the left of the LAS curve require the price level to be
A) above what workers expect. B) above what firms expect. C) below what workers expect. D) below what firms expect.
Economics
If the law of diminishing marginal utility applies, then the marginal utility of my tenth pistachio nut is less than the marginal utility of my third pistachio nut
Indicate whether the statement is true or false
Economics