Moving along a bowed-out PPF between milk and cotton, as more milk is produced the marginal cost of an additional gallon of milk
A) rises.
B) does not change.
C) falls.
D) probably changes, but in an ambiguous direction.
A
You might also like to view...
A tariff refers to a limit on the number of goods that can be imported to a country
Indicate whether the statement is true or false
The above table shows the per day total cost for Kiley's Baseball Glove Company. Each glove is priced at $50 and Kiley's Baseball Glove Company is a perfectly competitive firm
Between which two amounts of output does Kiley's Baseball Glove Company make an economic profit? A) 0 and 8 B) 1 and 8 C) 2 and 7 D) 3 and 6
In 2002, WorldCom was accused of falsifying information regarding liabilities on WorldCom's balance sheets, thereby
A) increasing WorldCom's net worth on the balance sheet. B) reducing WorldCom's profit on the balance sheet. C) increasing WorldCom's assets on the balance sheet. D) reducing WorldCom's net income on the income statement.
An economy in which output has decreased and prices have increased would suggest that there has been a:
A. positive supply side shock. B. negative supply side shock. C. positive demand side shock. D. negative demand side shock.