The production possibilities curve for two products is bowed out because
A) as the production of a good increases, opportunity cost increases.
B) as the production of a good increases, opportunity cost is unchanged.
C) the qualities of the resources are not identical.
D) there are unemployed resources.
A
Economics
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A higher wage could result in a lower labor cost per unit of output than a lower wage if the higher wage:
A. brings forth greater work effort. B. increases supervision costs. C. increases job turnover. D. increases worker absenteeism.
Economics
Private goods are
A. rival in consumption, and their benefits are nonexcludable. B. rival in consumption, and their benefits are excludable. C. nonrival in consumption, and their benefits are nonexcludable. D. nonrival in consumption, and their benefits are excludable.
Economics