A point inside a society's production possibilities curve represents
A) an unattainable combination of outputs.
B) an output combination that satisfies the needs of the population.
C) an underutilization of productive resources.
D) a technically superior output combination.
C
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Whether or not people have identical tastes, the net value that the marginal user receives from a common property is
a. positive. b. zero. c. negative. d. uncertain.
If the demand for digital cameras increases when consumers' incomes rise, then digital cameras are
A) a substitute for camcorders. B) a complement to camcorders. C) an inferior good. D) a normal good. E) made using advanced technology.
Perfectly competitive firms respond to changing market conditions by varying their
a. price b. output c. market share d. information e. advertising campaigns
In the long run
A) the firm's fixed costs are greater than its fixed costs in the short run. B) all of the firm's costs are explicit costs; there are no implicit costs of production. C) the firm is more profitable than it is in the short run. D) all of the firm's costs are variable costs.