Refer to the production possibilities frontier in the figure above. Production point ________ represents an ________ production point
A) b; unattainable
B) c; unattainable
C) e; inefficient
D) c; inefficient
D
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Explain how each of the following industries practices price discrimination. a. Movie theaters b. Airlines c. Auto dealers d. U.S. Postal Service
What will be an ideal response?
Deciding how a society's products are distributed among its citizens answers the economic question of:
A. "Who consumes the products produced?" B. "What products will be produced?" C. "Where will the products be consumed?" D. "How will the products be produced?"
Refer to the information provided in Figure 5.2 below to answer the question(s) that follow.
?Figure 5.2Refer to Figure 5.2. At Point C the price elasticity of demand is -1. Along line segment EC of the demand curve, the demand is
A. unit elastic. B. elastic. C. inelastic. D. either elastic or inelastic, depending on whether price increases or decreases.
Which of the following can be a source of comparative advantage?
A) Prices of finished goods B) The demand for goods in the global market C) Climatic conditions D) The demand for the goods in the domestic market