On the vertical axis, the production possibilities frontier shows ________; on the horizontal axis, the production possibilities frontier shows ________
A) the quantity of a good; the number of workers employed to produce the good
B) the quantity of a good; the price of the good
C) the quantity of a good; a weighted average of resources used to produce the good
D) the quantity of one good; the quantity of another good
Answer: D) the quantity of one good; the quantity of another good
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Under ________, there are many firms selling slightly different products
A) perfect competition B) monopolistic competition C) oligopoly D) monopoly
During the bureaucratic bargaining process, if the legislature tries to counteroffer by saying it wants less output at a given price, the bureau's can employ the strategy of _____
a. saying no b. telling the legislature that reducing the output would endanger lives c. telling the legislature that at the lower output, the price per unit will be much higher d. making a counter-offer of more output at a lower price
The components of a well-run incentive compensation scheme include all of the following EXCEPT
a. evaluating the identified performance measures b. avoiding rewards for outcomes that are not included in the performance measures c. rewarding workers who for meet performance measures d. displaying the wealth disparities between the executives and the line workers
Diminishing marginal returns are the reason why some industries have positively-sloped long-run average cost curves
a. True. b. False.