When the production possibilities frontier bows outward from the origin
A) some of society's resources are unemployed.
B) opportunity costs are constant.
C) opportunity costs are increasing.
D) opportunity costs are decreasing.
C
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Two firms make most of the consumer alkaline batteries in the country: Duracell and Energizer. The market for batteries is most likely
A) a monopoly. B) an oligopoly. C) perfectly competitive. D) monopolistically competitive.
Under which of the following scenarios would a park be considered a public good?
a. Visitors to the park must pay an admittance fee, but there are always plenty of empty picnic tables. b. Vistors to the park must pay an admittance fee and frequently all of the picnic tables are in use. c. Visitors can enter the park free of charge and there are always plenty of empty picnic tables. d. Visitors can enter the park free of charge, but frequently all of the picnic tables are in use.
A producer is hiring 20 units of labor and 6 units of capital (bundle A). The price of labor is $10, the price of capital is $2, and at A, the marginal products of labor and capital are both equal to 20. Beginning at A, if the producer increases expenditures on labor by $1 and decreases expenditures on capital by $1, then
A. output remains constant and cost increases by $8. B. cost remains constant and output decreases by 8 units. C. cost remains constant and output increases by 12 units. D. cost remains constant and output increases by 20 units. E. output remains constant and cost decreases by $2.
What is the type of companies that provide services by linking individuals to others with similar interests or to companies that sell certain products?
A. not-for-profit firms B. government agencies C. non-transaction firms D. platform firms