In the figure above, what can be said about point B?
A) It can be reached only after economic growth occurs.
B) It can be attained only if some resources are left unused.
C) It represents all resources being devoted to the production of apples.
D) It represents all resources being devoted to the production of oranges.
A
Economics
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Representative commodity money retained its value because
A) it was an actual commodity. B) it was a fiat money. C) it was backed by the government. D) it could be exchanged for an actual commodity.
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In order to maximize profit, a perfectly competitive firm should select the level of output where
a. marginal revenue equals price b. marginal cost equals marginal revenue c. price exceeds marginal cost d. price exceeds marginal revenue e. total revenue equals total cost
Economics