Economic growth is shown on the production possibilities frontier as

A) a movement from one point on the PPF to another.
B) an outward shift in the PPF.
C) an inward shift in the PPF.
D) the curvature of the PPF.

B

Economics

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Figure 5-9


In Figure 5-9, the consumer's marginal rate of substitution at his optimum choice of X and Y is

a.
?1.

b.
16.

c.
8.

d.
?8.

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How is the market clearing price established in a perfectly competitive industry?

What will be an ideal response?

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Economics