Ann is waiting to be recalled after a layoff. Bill also has no job at the moment and is not searching for one. Who is officially "unemployed"?

Given its production possibilities curve, the optimal combination of outputs for a society: a. is beyond the production possibilities curve

b. is at the midpoint of the production possibilities curve. c. is inside the production possibilities curve. d. depends on the preferences of that society.

Declining average total cost with increased production is one of the defining characteristics of a natural monopoly

a. True b. False Indicate whether the statement is true or false