Refer to the accompanying figure. Which of the following is true?
A. Point A is efficient because it is farthest from the origin.
B. Point F is the most efficient because medical care is the highest there.
C. Points B, C, E and F are efficient.
D. Point D is efficient because it requires using the fewest resources.
Answer: C
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A) . B) . C) . D) . E) .
Consider a manufacturing operation that uses specialized machinery and labor to produce its output. In this case, the input that is not fixed in the short run is labor
Indicate whether the statement is true or false
Which of the following is most like money?
A) game arcade tokens B) board game "money" C) credit cards D) baseball trading cards E) frequent flyer miles
The demand curve of a commodity slopes downward because of:
a. the insatiable nature of human wants. b. the presence of double coincidence of wants. c. the law of demand. d. the scarcity of goods and services in an economy. e. the law of diminishing marginal utility.