Which of the following is NOT illustrated by a production possibility curve?
a. scarcity
b. opportunity cost
c. necessity for choice
d. price
d
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The alternative to voluntary exchange is:
A. self-sufficiency B. dependency C. cooperation D. marginal analysis.
China has developed a rapid approach to development.
Answer the following statement true (T) or false (F)
The fact that a firm is a price-setter does not ensure it will make a positive economic profit in the short run and over time
Indicate whether the statement is true or false
The net increase to total surplus when a positive externality is corrected is due to:
A. the transfer of surplus from those affected by the externality to the consumer. B. the increased number of units bought and sold in the market. C. the transfer of surplus from the consumer to those affected by the externality. D. None of these statements is true.