Points outside the production possibilities frontier represent infeasible levels of production
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
The above figure shows the market for rice in Japan. S2 represents the domestic supply curve, and S1 represents the world supply curve. Suppose a free market exists. The smallest tariff necessary to completely eliminate imported rice is
A) $1 per unit. B) $2 per unit. C) $3 per unit. D) $4 per unit.
Perfect Competition is an industry in which there is only one supplier of a product that has no close substitutes
a. True b. False Indicate whether the statement is true or false
A tax on insulin is likely to cause a very large deadweight loss to society
a. True b. False Indicate whether the statement is true or false
In every economy people vie for the economy's rationing device, a process called
A) competition. B) entrepreneurship. C) marginal benefit. D) positive economics.