A production possibilities frontier is a line or curve that:
A. shows all the possible combinations of outputs that can be produced using all available resources.
B. shows what can be produced when all available resources are efficiently used.
C. shows the best combinations of outputs that can be produced using all available resources.
D. explains why societies make the choices they do.
A. shows all the possible combinations of outputs that can be produced using all available resources.
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Where does a monopolistic competitive firm determine its quantity?
a. Price equals marginal revenue b. Price equals marginal cost c. Marginal revenue equals marginal cost d. Marginal revenue equals average total cost
Briefly state the three key facts about economic fluctuations
In The Distinguished Gentleman, Eddie Murphy plays a con man with a name similar to that of a long-running congressional representative. When the politician dies, Murphy runs for office using the politician's name: Jeff Johnson. He's careful not to go on camera but uses taglines in commercials such as "Johnson: The name you trust." He eventually achieves a slim victory. How does Murphy's character use voter ignorance to win the election?
A. He's expecting most voters not to investigate him too much. B. He's expecting most voters to neither investigate him too much nor know that their congressman died. C. He's expecting that most people won't remember his campaign promises. D. He's expecting most voters not to know their congressman died.
The inverse relationship between quantity demanded and price of a good or service can be explained, in part, by
A. a shift in the demand curve. B. diminishing marginal utility only. C. the real income effect. D. diminishing marginal utility and the rule of equal marginal utilities per dollar.