A bowed outward production possibilities curve occurs when
A) opportunity costs are constant.
B) resources are not scarce.
C) additional units of output of one good necessitate increased reductions in the other good.
D) the society is operating on the production possibilities curve.
C) additional units of output of one good necessitate increased reductions in the other good.
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If Eddie can produce 40 milk shakes or 20 banana splits in an hour, and Tina can produce 30 milk shakes or 16 banana splits in an hour, then Eddie has a comparative advantage in producing milk shakes
Indicate whether the statement is true or false
Which of the following best explains why airlines often cut their ticket prices at the last-minute in order to fill the remaining empty seats on their flights?
A) The Federal Aviation Administration ranks each airline based on the percentage of flights that are fully booked. These rankings affect the decisions of firms to use a particular airline to fly their employees to business meetings. B) Fixed costs in the airline industry are very large, but the marginal cost of flying one more passenger is very low. C) Airlines receive a subsidy from the government for each flight that is fully booked and departs on time. D) Cutting prices makes the airlines more popular with their customers, who may fly with the same airline in the future as the result of buying low-price tickets.
Define labor standards as proposed by the ILO
What will be an ideal response?
When the absolute price elasticity of demand equals 1, demand is
A. elastic. B. unit-elastic. C. inelastic. D. undetermined without more information.