The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts.
Of the labeled points, only ________ are efficient.
A. W, X, Y, Z, V, and T
B. T and U
C. X, Y, and Z
D. W, X, Y, Z, and V
Answer: D
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Market equilibrium
i. can never occur because there are always people who want a good but cannot afford it. ii. occurs at the intersection of the supply and demand curves. iii. is the point where the price equals the quantity. A) ii only B) iii only C) ii and iii D) i only E) i and ii
In making decisions about insurance, a crucial piece of information to know is:
A. how easily you can reduce the risk of experiencing the event you're insuring against. B. how catastrophic would the event's occurrence be if the event you're insuring against happened. C. when the event you're insuring against is most likely to occur. D. how many others will likely be affected by the same risk.
State whether each condition is consistent with profit maximization or if production should increase or decrease.
When the marginal cost curve is below the average total cost curve, the average total cost curve must be falling.
Answer the following statement true (T) or false (F)