The figure above shows the production possibilities frontier for a country. A combination of 2 million gallons of milk and 2 million gallons of ice cream is
A) attainable and production inefficient.
B) unattainable.
C) attainable but more than production efficient.
D) attainable and production efficient.
E) More information is needed to determine if the point is attainable or not.
A
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A single-price monopoly will set its price according to which of the following rules?
A) P = MR and MR = MC B) P = MC where the MC curve crosses the demand curve C) P = MR where the MR curve crosses the demand curve D) None of the above answers is correct.
What are the similarities between an English auction and a Dutch auction?
What will be an ideal response?
U.S. net export spending rises when
A) the inflation rate is higher in the United States relative to other countries. B) the value of the U.S. dollar increases relative to other currencies. C) the price level in the United States rises relative to the price level in other countries. D) the growth rate of U.S. GDP is slower than the growth rate of GDP in other countries.
If a good is normal and its price decreases,
a. the income effect will be positive and the substitution effect will be positive. b. the income effect will be negative and the substitution effect will be negative. c. the income effect will be positive and the substitution effect will be negative. d. the income effect will be negative and the substitution effect will be positive.