Refer to the above figure. Production at Point F
A. is not attainable given the underlying assumptions of the production possibilities curve (PPC).
B. would not be desirable.
C. can be attained only if a society desired more goods and services.
D. can only be attained by giving up Point E.
Answer: A
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Jill Johnson owns a pizzeria. She currently produces 10,000 pizzas per month at a total cost of $500. If she produced one more pizza her total cost rises to $500.11. What does this tell us about Jill's marginal cost of producing pizzas?
A) The marginal cost of producing pizzas cannot be determined without more information. B) The marginal cost of producing pizzas is rising. C) The marginal cost of producing pizzas is constant. D) The marginal cost of producing pizzas is falling.
The Federal Reserve banks could probably have prevented many of the bank failures in the early 1930s by: a. raising the reserve requirement of the commercial banks
b. lending money to the commercial banks. c. improving the system whereby checks are cleared. d. helping to create a commission of experts to engage in a prolonged study of the problem. e. selling large amounts of government bonds.
Market failure refers to a situation in which the market does not allocate resources efficiently
a. True b. False Indicate whether the statement is true or false
Suppose an industry is composed of 10 firms. Each firm's share of total sales in the industry is 10 percent. If two of the firms merge, then the four-firm concentration ratio in the industry is
A) 40 percent. B) 45 percent. C) 50 percent. D) unable to determine.