Suppose Zia spends her time picking berries and apples. Her production set is described by the equation , where is the number of berries and y the number of apples. Which of the following statements will be true?
a. 25 apples and 10 berries is achievable but inefficient.
b. 10 berries and 2 apples is efficient but unachievable.
c. 20 apples and 5 berries is an inefficient level of production.
d. 30 berries and 5 apples is an efficient level of production.
D
You might also like to view...
When the marginal cost curve lies below the average cost curve, ________
A) the marginal cost curve is vertical B) the marginal cost curve is horizontal C) the average cost curve slopes downward D) the average cost curve slopes upward
A natural monopoly is most likely to occur in which of the following industries?
A) the pharmaceutical industry because the development and approval of new drugs through the Food and Drug Administration can take more than 10 years B) the software industry because of the importance of network externalities C) an industry where fixed costs are very large relative to variable costs D) the diamond mining and marketing industry because one firm can control a key resource
A "false positive" is
a. When you incorrectly conclude that your hypothesis is true b. When you incorrectly conclude that your hypothesis is false c. When you correctly conclude that your hypothesis is true d. When you correctly conclude that your hypothesis is false
A cartel is an organization of firms in which there is a dominant firm which dictates price and output decisions to other member firms
a. True b. False Indicate whether the statement is true or false