When the production possibilities curve is bowed out, resources are:
a. equally well-suited to production of both goods.
b. not being used efficiently.
c. not equally suited to the production of both types of goods.
d. increasing as more of one good is produced.
e. of an inferior quality.
c
Economics
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Refer to the Article Summary. Assume that after the record decline in U.S. farm income in 2015, farmers are expected to break even in 2016. This means that at the quantity being produced in 2016
A) MR =ATC. B) AVC =ATC. C) MC =AVC. D) MR =MC.
Economics
Scarcity exists for those with a. lower incomes
b. average incomes. c. higher incomes. d. all of the above.
Economics