How can a combination of goods be unattainable?
What will be an ideal response?
A combination of goods can be unattainable if producing that combination requires more resources and technology than are available.
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According to the authors of your text, a politician's interest in getting reelected
A) expands the politician's time horizon. B) leads the politician to concentrate on policies capable of generating short-run benefits. C) further encourages the politician to conform more to acting in the public interest. D) is based chiefly on selfish interest.
A straight-line production possibilities curve takes this shape because
A) the opportunity cost of producing a good is constant. B) the opportunity cost of producing more of a good is decreasing. C) resources are better suited for producing one output than another. D) resources are fixed.
Historical episodes allow economists to illustrate and evaluate current economic theories
a. True b. False Indicate whether the statement is true or false
When price is $100, a monopoly can sell 5 units, and to sell a 6th unit, price must fall to $95 . Which of the following is the monopolist's marginal revenue from selling the 6th unit?
a. -$5 b. $10 c. $50 d. $70