The production possibility curve (PPC) shows the ________ production of one good for ________ production level of the other good.
A. minimum; every possible
B. maximum; the minimum
C. maximum; every possible
D. minimum; the maximum
Answer: C
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When money enables us to convert excess goods into money and retain the money, it is acting as a
a. medium of exchange. b. standard of value. c. standard of deferred payment. d. store of value.
Refer to the data. If Firm B merged with Firm C, the industry's four-firm concentration ratio would ____ and its Herfindahl index would ____.
A. rise; rise
B. fall; rise
C. remain the same; rise
D. remain the same; fall
If a firm wants to buy a piece of capital equipment, is this firm a demander or supplier in the financial market?
What will be an ideal response?
The figure above shows Kaley's marginal benefit from swimming with manatees and Scott's marginal cost of providing manatee swimming tours. For Kaley and Scott, allocative efficiency is achieved at what point?
A) A B) B C) C D) D E) Either point A or point D