The production possibilities frontier illustrates
a. the combinations of goods that could be produced with resources and technology constant
b. how technology influences opportunity costs
c. the law of diminishing returns
d. how price changes affect decision making of individuals
e. the law of demand
A
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To say that a price ceiling is binding is to say that the price ceiling a. results in a surplus
b. is set above the equilibrium price. c. causes quantity demanded to exceed quantity supplied. d. All of the above are correct.
Any reserves held by a bank above the amount of minimum legal reserves are called
a. total reserves. b. required reserves. c. fiat money. d. excess reserves.
When impoverished peasants in South America and Asia cannot be convinced to stop growing crops for drug production, their situation demonstrates how poverty
a. lowers worker productivity. b. leads to environmental problems. c. supports transnational crime. d. creates health threats.
The practice of charging customers different prices for the same good is called:
A. price marking. B. customer discrimination. C. group discounting. D. price discrimination.