In the above figure, the combination of personal computers and televisions shown by point w
A) is an efficient use of society's resources because it is below the production possibilities curve.
B) is more desirable than point x because producing at point w does not put a strain on society's resources.
C) is attainable but involves the inefficient use of some of society's resources.
D) is beyond the capacity of society to produce.
C
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A decrease in demand and an increase in supply will lead to
A) unambiguous increases in both price and quantity. B) unambiguous decreases in both price and quantity. C) an unambiguous decrease in price, but the effect on quantity is indeterminate. D) an unambiguous decrease in quantity, but the effect on price is indeterminate.
Which term describes a good in which the quantity demanded rises as income rises, and in which quantity demanded falls as income falls?
a. Complement good b. Inferior good c. Normal good d. Superior good
When U.S. companies hire workers in India to staff their customer service call centers, they are engaging in
A) predatory pricing. B) unfair trade practices. C) outsourcing. D) labor engagement.
Establishing different prices for similar products to reflect differences in marginal cost in providing those goods to different groups of buyers is
A. price discrimination. B. cost-plus pricing. C. product differentiation. D. price differentiation.