A single production possibilities frontier assumes
A) a given set of resources.
B) only one good can be produced from a given set of resources.
C) resources are free.
D) there are no opportunity costs of production.
E) all of the above.
A
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If both a buyer and a seller have the same information, they are said to have symmetric information
a. True b. False Indicate whether the statement is true or false
The monopolistic competitive firm in short-run equilibrium may experience economic profits that are
A) always zero. B) greater than, equal to, or less than zero. C) always positive. D) always negative.
Inflation can cause changes in retail prices.
Select whether the statement is true or false. A. True B. False
If Joanna is risk averse, then
a. her utility function exhibits the property of decreasing utility. b. her utility function exhibits the property of increasing marginal utility. c. she dislikes bad things more than she likes comparable good things. d. she is unlike most people, because most people are not risk averse.