Consider the production possibilities frontier displayed in the figure shown. Which of the following statements is true?
A. Producing at point D would be inefficient.
B. Producing at point B would be inefficient.
C. Producing at point C would be inefficient.
D. Producing at point A would be inefficient.
Answer: C
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Regulation in a city or town that designates separate areas for residency and business:
a. commerce zone boundaries b. business franchise c. zoning law d. Stockholm boundaries e. business license
When hiring additional workers, a firm operating in a perfectly competitive labor market will
A) have to offer higher wages to hire additional workers, but the old workers do not get the higher wage. B) have to offer higher wages to hire additional workers, and the old workers will also receive the new, higher wage. C) be able to hire additional workers without offering higher wages. D) be able to hire additional workers at lower wages because the new workers have been unemployed.