All mutually beneficial trades have taken place. This implies that
A) the production possibilities curve is bowed out.
B) society is inside the production possibilities curve.
C) economic efficiency prevails in the society.
D) society is on the constant cost portion of its production possibilities curve.
C
Economics
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A product would be more demand price elastic:
a. the shorter the time the consumer has to adjust to price changes. b. the lower the price of the good. c. the fewer the number of good substitutes. d. the less the essential nature of the good. e. if the supply is more price elastic.
Economics
The creative ability of persons to combine and direct resources to produce new products is known as:
a. economizing. b. entrepreneurship. c. value judgment. d. product sensitivity.
Economics