A point inside a production possibilities curve indicates
A) resources are not being used efficiently.
B) resources are being used very efficiently.
C) opportunity costs are constant.
D) an output combination that is unobtainable with the current resource and technology levels
A
Economics
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Which of the following is an example of a measure of labor productivity?
A) Farm workers produce 30 bushels of wheat per worker per day. B) Autos get 30 gallons to the mile. C) The growth rate of per capita real GDP is 3.5 percent per year. D) Wages increase by 3.5 percent per year for 5 years.
Economics
Refer to the graph shown. If this monopolist were forced to set price equal to marginal cost, in the long run it probably would:
A. charge a price of $3. B. charge a price of $12.00. C. charge a price of $2. D. stop producing.
Economics