Refer to Figure 13.2. Oliver's political views place him at the L4 position and George's political views place him at the C4 position. Based on the two candidates' political views, Sam Butcher decides to enter the race as a third-party candidate
Oliver refuses to change his political views and so remains at the L4 position. Sam espouses political views that place him at the C2 position. Not wanting to lose any conservative votes to Sam, George decides to alter his political views so he, too, ends up at the C2 position. In this situation, who is indifferent about all three of the candidates? A) Alice
B) Jan
C) Cindy
D) Peter
C
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A business firm should refuse to sell any item for which it cannot obtain a price at least as large as what
A) it cost the firm to produce the particular item. B) it costs the firm on average to produce the item. C) it would cost the firm to produce another item identical to the item being sold. D) the item will be worth to the firm if not sold.
If all resources were perfectly adaptable for alternative uses, the production possibilities curve would
A) be bowed out. B) be bowed in. C) be a straight line. D) not exist.