Refer to the above figure. Profits for this firm are positive
A. only at points B and C.
B. for points between B and C.
C. for all points less than B and greater than C.
D. only for all points less than B.
Answer: B
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When an economy is operating at a point on its production possibilities frontier, then
a. consumers are content with the mix of goods and services that is being produced. b. there is no way to produce more of one good without producing less of the other. c. equal amounts of the two goods are being produced. d. All of the above are correct.
Who sets the rules for entitlements when spending is authorized under this category?
A. the President B. the agency involved C. the Congress when it appropriates the spending D. each individual state
The term marginal means
A) total. B) average. C) subjective. D) additional.
Which of the following is NOT a condition for price discrimination to exist?
A. unpatented product or the service B. identification of buyers with differing elasticities C. downward sloping demand curve faced by the firm D. ability to prevent the resale of the product or service