The concept that suggests that given the available inputs and technology, it is impossible to produce more of one good without decreasing the quantity that is produced of another good is:
a. the law of supply.
b. balanced production.
c. productive efficiency.
d. effective demand.
c. productive efficiency.
The concept that suggests that given the available inputs and technology, it is impossible to produce more of one good without decreasing the quantity that is produced of another good is productive efficiency.
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In which of the following countries do elective medical procedures generally receive lower priority, often resulting in longer waiting times than are common under more privately-funded systems?
A) Japan and the United States B) Japan and Canada C) Canada and the United Kingdom D) the United Kingdom and the United States
If a perfectly competitive firm finds that price is less than its ATC, then the firm
A) will raise its price to increase its economic profit. B) will lower its price to increase its economic profit. C) is making an economic profit. D) is incurring an economic loss. E) is making zero economic profit.
The following is an example of risk aversion
a. those applying for a well-paid job tend to be the most qualified b. more reckless drivers opt for cars with fewer safety devices c. the contractor with the lowest bid for a is the most qualified d. Initial Public Offerings (IPOs) seek investors when prospects look poor
If a firm's product becomes a commodity
A) the firm gains market power. B) the firm's strategy has apparently paid off. C) the firm has become a monopoly. D) the firm looses market power.