Any point on the production possibilities frontier is called
A) unemployment.
B) inefficient.
C) unobtainable.
D) full employment.
D
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The monopolistically competitive seller's demand curve will become more elastic with
A. a smaller number of competitors. B. a greater degree of product differentiation. C. a larger number of competitors. D. more significant barriers to entry.
The use of a property tax to fund public schools is an example of _____
a. the benefit principle at work b. the ability-to-pay principle at work c. a compromise between the benefit and ability-to-pay principles d. the Ramsey rule at work
A fixed factor of production:
A. is fixed in the long run but variable in the short run. B. is common in large firms but rare in small firms. C. is fixed only in the short run. D. is fixed in both the short run and the long run.
In an inverse relationship
A. the two variables has not related to each other. B. both variables fall together. C. both variables rise together. D. one variable rises while the other falls.