The table above presents the production possibilities frontier for a nation
Using the information in the table, when moving from possibility C to D, the cost of 1 unit of a capital good in terms of the consumption goods forgone is ________ consumption goods per capital good.
A) 10
B) 25
C) 15
D) 20
E) an undefined amount of
A
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Use the above figure. The profit-maximizing price will be
A) P1. B) P2. C) P3. D) P4.
Which of the following is a root cause behind competition inherent in every society?
a. Unlimited wants of the people b. People's desire to acquire goods and services for free c. Scarcity of goods and services d. Genetic makeup of people
Equilibrium for the monopolist occurs where P > MR > MC > Average total cost.
Answer the following statement true (T) or false (F)
A cooperative equilibrium results when firms
A) choose the best strategy regardless of what other players do. B) choose the strategy that maximizes the total game payoff. C) choose the strategy that minimizes the payoff to other players. D) choose a strategy by random chance.