A point inside the production possibilities curve represents a combination of goods that is
What will be an ideal response?
inefficient.
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Right-to-work laws
A. help unions to organize. B. make it harder for unions to organize. C. have virtually no effect on union organizing.
Which of the following statements is false?
A. Perfect substitutes do not need to be employed in a one-to-one ratio by the firm. B. Perfect complements are associated with right-angled isoquants. C. Perfect substitutes are associated with linear isoquants. D. The elasticity of substitution can be positive or negative. E. The more two factors are substitutes in the firm's production function, the greater is the elasticity of substitution.
Recall the Application about consumer choice between Coke and Pepsi to answer the following question(s).Neuroscientist Read Montague conducted a taste test with Coke and Pepsi. When the taste test was blind, most subjects preferred ________, and when the test was nonblind, most preferred ________.
A. Coke; Pepsi B. Coke; Coke C. Pepsi; Coke D. Pepsi; Pepsi
Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.
Figure 6.1Refer to Figure 6.1. Tom's budget constraint is AC. His choice set includes all points
A. along the vertical and horizontal axes. B. along budget constraint AC. C. bounded by the area OAC. D. to the right of budget constraint AC.