The slope of a production possibilities curve is positive.
Answer the following statement true (T) or false (F)
False
The production possibilities curve will always be downward-sloping, but it may be constant or nonconstant.
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Refer to the graph below.
Point A represents a price of:
A. 5 and a quantity of 3. B. 3 and a quantity of 3. C. 5 and a quantity of 5. D. 3 and a quantity of 5.
James' pretzel stand merges with a company that supplies the condiments to James. This is an example of
A) conglomerate merger. B) concentration ratio. C) vertical merger. D) horizontal merger.
Total costs equal
a. Fixed costs b. Variable costs c. Sunk costs d. Fixed plus variable costs
Refer to the graph shown. Other things equal, an increase in the market price of this product will cause:
A. an increase in total revenue and a decrease in the firm's profit-maximizing level of output. B. a decrease in total revenue and a decrease in the firm's profit-maximizing level of output. C. a decrease in total revenue and an increase in the firm's profit-maximizing level of output. D. an increase in total revenue and an increase in the firm's profit-maximizing level of output.