A point lying inside (under) a production possibilities curve indicates that
a. the economy is saving money.
b. there are no associated opportunity costs.
c. more output could be produced with existing resources.
d. technology limits production.
c
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Which of the following responsibilities did the Constitution not give to the federal government?
a. The right to set laws on patents b. The sole right to mint coins c. The right to establish post offices d. The right to tax. e. All of the above
Common resources are overused because:
a) the marginal private benefit will always exceed the marginal social cost b) the marginal social benefit is not taken into consideration by producers c) social costs are controlled by quotas d) the social costs outweigh the private costs
Society will produce ________ if price and marginal cost are equated for all firms.
A. the efficient mix of output B. the minimum output C. the maximum output D. no output
When a perfectly competitive firm weighs price and marginal cost and no externalities exist, it is weighing the full benefits to ________ of additional production against the full costs to ________ of that production.
A. government; government B. society; society C. sellers; buyers D. buyers; sellers