Which of the following could lead to an inward shift of the production possibilities frontier?
a. an increase in the cost of one good
b. an increase in the utilization of resources
c. a rise in the level of technology
d. a law is passed whereby a mandatory retirement age of 60 is imposed
e. a decrease in the utilization of resources
D
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An agreement among firms to charge the same price or otherwise not to compete is called
A) a payoff matrix. B) a subgame-perfect equilibrium. C) collusion. D) a Nash equilibrium.
As long as TVC < TR, a firm will have a positive level of output in the short run
a. True b. False Indicate whether the statement is true or false
Data from the Bureau of Labor Statistics show that consumer spending on medical care is about equal to consumer spending on housing
a. True b. False Indicate whether the statement is true or false
Whenever an isoquant exhibits a diminishing marginal rate of technical substitution, the corresponding isoquants are:
A. concave to the origin. B. L-shaped. C. convex to the origin. D. linear.