In the above figure, the production of 25 guitars and 25 ukuleles is
A) efficient production.
B) inefficient production.
C) impossible production.
D) not possible since production always occurs along the PPC.
B
You might also like to view...
A traditional economy is based on
a. government regulation. b. self-sufficiency. c. barter. d. both self-sufficiency and barter.
The short-run aggregate supply curve in modern Keynesian analysis
A) is a horizontal line the same as in the Keynesian model. B) is a vertical line the same as in the classical model. C) is an upward sloping curve. D) is a negatively sloped curve.
The default rate actually drops as the amount borrowed increases, that is, default rates are highest among those with the smallest student loan debts.
Answer the following statement true (T) or false (F)
If a single union supplies all the labor in a competitive labor market, the union probably will:
A. increase union membership to increase wages. B. increase labor supply to raise employment. C. behave as a monopsonist. D. restrict labor supply to raise wages.