What does a production possibilities curve show?
What will be an ideal response?
A production possibilities curve shows the combinations of maximum outputs that can be
produced with a fixed amount of resources that are fully employed, and fixed technology.
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The substitution effect refers to a change in the actual income of a potential consumer
a. True b. False Indicate whether the statement is true or false
The CEOs of three firms in the airlines industry talk to each other about coordinating their ticket pricing. Which concept is exemplified?
a. quotas b. price leadership c. economies of scale d. collusion
The New Deal was a government outgrowth of World War I.
Answer the following statement true (T) or false (F)
Refer to the information provided in Figure 7.1 below to answer the following question(s). 
Figure 7.1Refer to Figure 7.1. A corn producer produces 80 bushels of corn and sells each bushel at $5. The cost of producing each unit bushel is $2. This corn producer's total revenue is ________ and profit if ________.
A. $160; $0 B. $400; $160 C. $400; $240 D. $240; $80