The concave shape of the PPC indicates that:
What will be an ideal response?
Resources are not equally suited for alternative uses
Economics
You might also like to view...
A decrease in the price of a nonlabor input such as electricity will cause
A) a movement down the SRAS curve. B) a movement up the SRAS curve. C) a leftward shift in the SRAS curve. D) a rightward shift in the SRAS curve. E) no change regarding the SRAS curve.
Economics
Consider a market characterized by the following inverse demand and supply functions: PX = 40 - 4QX and PX = 10 + 2QX. Compute the surplus received by consumers and producers.
A. $50 and $25, respectively. B. $40 and $20, respectively. C. $20 and $40, respectively. D. $25 and $25, respectively.
Economics