Use the following table to answer the question below.Alexandra's Production Possibilities ScheduleNatalia's Production Possibilities ScheduleNumber of Scarfs Knitted per dayNumber of Sweaters Knitted per dayNumber of Scarfs Knitted per hourNumber of Sweaters Knitted per hour040433236242916112080What is the minimum a sweater would be traded for in this example?
A. 1/3 of a scarf
B. 1/2 of a scarf
C. 3 scarves
D. 2 scarves
Answer: D
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Mercantilism is another name given to the version of capitalism that has emerged in the globalized world of the 21st century
Indicate whether the statement is true or false
The law of increasing additional costs is due to
A) taxes. B) scarcity. C) the fact that it is more difficult to use resources efficiently the more society produces. D) the fact that resources are not perfectly adaptable for alternative uses.
Marginal cost is best defined as:
a. a cost that does not vary with the rate of output. b. the difference between fixed and variable cost at any level of output. c. the amount added to total cost when one more unit of output is produced. d. the difference between price and average total cost at the profit-maximizing level of output.
If the average costs of production decline with increases in output, then the larger a firm is, the lower its per unit costs will be
a. True b. False Indicate whether the statement is true or false