If good "A" is represented on the horizontal axis and good "B" on the vertical axis, then the steeper the production possibilities frontier at a given level of production of good "A," the
a. larger the opportunity cost of producing an extra unit of good "A."
b. larger the quantity of resources being devoted to the production of good "B."
c. smaller the quantity of resources being devoted to the production of good "A."
d. smaller the opportunity cost of producing an extra unit of good "A."
e. greater the returns to scale in the production of good "A."
a
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Identify three things which affect the choices households make with respect to how much labor to supply?
What will be an ideal response?
Consider the production possibilities curve [PPC] for a country producing only cheese and wine. The first few resources transferred from cheese to wine production are:
a. those that are most specialized in cheese production. b. those that are most specialized in wine production. c. those that are least specialized in cheese production. d. those that are neither specialized in cheese nor wine production. e. those that are highly specialized in both cheese and wine production.
The lower the concentration ratio, the
a. more control an individual firm has to set prices. b. more competitive the industry. c. less competitive the industry. d. Both a and c are correct.
Assume the price of cola is $8 per unit and the price of pretzels is $4 per unit.Table 19.3 Michael's Utility ScheduleUnits of ColaTU of ColaMU of ColaUnits of PretzelsTU of PretzelsMU of Pretzels14040130302 322 2039624366164112 478 5124 584 In Table 19.3, what is the total utility of two units of cola?
A. 32. B. 72. C. 96. D. 40.