Suppose there are only two people in the world. Each person's production possibilities frontier also represents his or her consumption possibilities when
a. neither person faces trade-offs.
b. the frontiers are straight lines.
c. the frontiers are bowed out.
d. they choose not to trade with one another.
d
Economics
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The substitution effect measures
A) the responses of quantities to changes in the relative prices of goods. B) the responses of relative prices to changes in the demand for goods. C) how two goods can be used for the same purpose. D) the responses of quantities to changes in the relative qualities of goods.
Economics
How do high rates of inflation lead to an increased frequency of cash withdrawals from an ATM or a bank?
Economics