A bowed production possibilities curve is consistent with

A. highly specialized resources.
B. a decreasing opportunity cost.
C. the overutilization of productive resources.
D. a technologically inefficient society.


Answer: A

Economics

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The above figure illustrates the marginal social benefit and marginal social cost for chicken sandwiches. If the quantity is decreased from 6 to 3 and the price increases from $3 to $4, consumer surplus will decrease by

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Monopolistic competition is characterized by excess capacity because:

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In presidential elections, voters often find that they do not agree with any single candidate on all the issues that matter to them (the voters). This is known as the:

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Economics