The production possibility frontier is a graph that shows
A. all the combinations of goods and services that are consumed over time if all of society's resources are used efficiently.
B. the amount of goods and services consumed at various average price levels.
C. all the combinations of goods and services that can be produced if all of society's resources are used efficiently.
D. the rate at which an economy's output will grow over time if all resources are used efficiently.
Answer: C
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When a monopolist is producing the profit-maximizing rate of output, price is greater than the marginal cost of producing the last unit of output
Indicate whether the statement is true or false
Several firms are operating in a market where they take the other firms' response to their actions into account. This market is:
A. a monopolistically competitive market. B. an oligopolistic market. C. a competitive market. D. a monopoly.
The liquidity approach to measuring the money supply uses
A) near moneys only. B) M1 only. C) M2 plus some highly liquid assets. D) M1 plus some highly liquid assets.
Between 1875 and 1895,
a. wholesale farm prices fell and consumer prices rose. b. wholesale farm prices rose slightly, but consumer prices rose more rapidly. c. wholesale farm prices and consumer prices fell, but wholesale farm prices fell more rapidly. d. wholesale farm prices fell while consumer prices remained generally unchanged.