In 1995, the General Agreement on Tariffs and Trade (GATT) was replaced by the World Trade Organization (WTO)

If society decides it wants more of one good and all resources are fully utilized, then

A) additional resource supplies will have to be found. B) it is unable to do this unless technology advances. C) it has to give up some of another good and incur some opportunity costs. D) more unemployment will occur.

By saying that MRS = MRT, an economist means that

A) for all goods, the value that society places on the last unit produced equals the cost of making that unit. B) for all goods, the value that a consumer places on the last unit consumed equals the value that all consumers would place on that unit. C) society is able to produce more output of one good without reducing the output of any other good. D) no other output mix is technically feasible.