The production possibilities curve encompasses all of the following concepts except
a. the law of increasing costs
b. unlimited wants
c. scarcity
d. opportunity cost
e. availability of resources
B
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Define the term deadweight loss. Will there be a deadweight loss if a good's marginal cost exceeds its marginal value? Explain.
What will be an ideal response?
If two players engaged in a prisoner’s dilemma game are likely to repeat the game, they are more likely to cooperate than if they play the game only once.
a. True
b. False
Indicate whether the statement is true or false
In Solow's exogenous growth model, the steady-state growth rate of capital can be increased by
A) higher population growth. B) higher depreciation rate. C) higher saving rate. D) higher interest rate.
The more risk averse someone is, the more they are willing to pay, past the _____________________, to insure against the uncertainty of loss
Fill in the blank(s) with the appropriate word(s).