Explain how the production possibilities frontier illustrates scarcity
What will be an ideal response?
The PPF illustrates scarcity because we cannot attain the points outside the frontier.
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A change in the price level brings a ________ the aggregate supply curve, NOT a ________ the aggregate supply curve
A) vertical displacement of; change in the slope of B) change in the slope of; horizontal displacement of C) shift in; change in the slope of D) movement along; shift in E) shift in; movement along
The productivity curve
A) has a positive slope. B) has a negative slope. C) is vertical. D) is horizontal. E) is U-shaped.
For a firm to be able to engage in price discrimination, it must
A) face a downward sloping demand curve. B) produce more than one product. C) have customers of different levels of wealth and age. D) have economies of scale.
Refer to the information provided in Figure 13.9 below to answer the question(s) that follow. 
Figure 13.9 Refer to Figure 13.9. Ohio Edison would be willing to pay up to area ________ for rent-seeking activities to protect its monopoly power.
A. FAE B. FGBC C. BEC D. FGBE