On a production possibilities frontier the opportunity cost of one more unit of commodity per time period is measure by the ______________
Fill in the blank(s) with the appropriate word.
Answer: Amount of the other commodity that must be sacrificed
You might also like to view...
Patents create monopolies by restricting
A) demand. B) prices. C) entry. D) profit.
The more difficult the goal, the more likely military force is going to be needed to back up economic sanctions
Indicate whether the statement is true or false
If there is no product differentiation at? all, then the individual firm has a demand curve that is
a. perfectly inelastic and identical to the firm in perfect competition. b. slightly downward sloping and identical the firm in monopolistic competition. c. perfectly elastic and identical to the firm in perfect competition. d. unit elastic and identical to the firm in perfect competition.
An increased gas tax would result in ______.
a. more congestion on the road b. fewer vehicles on the road c. increased negative externalities d. more miles driven