Which of the following distinguishes a "straight-line" production possibilities curve from one that is "bowed out"?
a. A straight-line production possibilities curve exhibits increasing opportunity costs, whereas a bowed production possibilities curve does not.
b. A straight-line production possibilities curve exhibits decreasing opportunity costs, whereas a bowed production possibilities curve does not.
c. A straight-line production possibilities curve exhibits constant opportunity costs, whereas a bowed production possibilities curve does not.
d. A straight-line production possibilities curve is upward sloping, whereas a bowed production possibilities curve is not.
c
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Which of the following transactions takes place in factor markets?
A) Henry receives a commission from his employer for selling a new automobile. B) Jake purchases 1,000 shares of stock in the Wal-Mart Corporation through his online trading account. C) Sam enters the winning bid on a grand piano at a local auction. D) Justin receives $30 in exchange for mowing his neighbor's lawn. E) Lucille receives a $500 check from the U.S. Social Security Administration.
The accompanying table lists the height (STUDHGHT) in inches and weight (WEIGHT) in pounds of five college students. Calculate the correlation coefficient. STUDHGHTWEIGHT 74165 73165 72145 68155 66140
What will be an ideal response?
Scarcity implies that people must
A) be miserable. B) be selfish. C) make choices. D) not be selfish.
Which of the following is true?
A. In Bertrand oligopoly each firm believes that its rivals will hold their output constant if it changes its output. B. In oligopoly a change in marginal cost never has an effect on output or price. C. In Cournot oligopoly firms produce an identical product at a constant marginal cost and engage in price competition. D. None of the answers is correct.