Increasing marginal opportunity cost means that the production possibility curve is:
A. bowed out so that for every additional unit of one good given up, you get more and more units of the other good.
B. bowed in so that for every additional unit of one good given up, you get more and more units of the other good.
C. bowed out so that for every additional unit of a good given up, you get fewer and fewer units of the other good.
D. bowed in so that for every additional unit of one good given up, you get fewer and fewer units of the other good.
Answer: C
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Jon's income-consumption curve is a straight line from the origin with a positive slope. Now suppose that Jon's preferences change such that his income-consumption curve remains a straight line but rotates 15 degrees clockwise
Jon's demand curve for the good on the horizontal axis A) will shift left. B) will shift right. C) will not change. D) might do any of the above.
Government can intervene in the market through
a. Price floors b. Price ceilings c. Taxes d. All the above
Change in quantity of demand vs. Change in demand
What will be an ideal response?
Discrimination in the workplace results when
A. employers refuse to hire someone who is an illegal immigrant. B. pay and treatment on a job depend on a person's race, gender, or some other characteristic. C. employers pay people a higher wage if they are better educated. D. people who are less productive are paid less than those who are more productive.