A point outside a production possibilities curve indicates
A) that resources are not being used efficiently.
B) that resources are being used very efficiently.
C) opportunity costs are constant.
D) an output combination that is unobtainable with the current resource and technology levels.
D
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Which of the following statements about natural monopolies is true?
A) Natural monopolies are only found in the markets for natural resources (like crude oil and coal). B) For natural monopolies, marginal cost is always below average cost. C) For natural monopolies, average cost is always increasing. D) Natural monopolies cannot be regulated.
Utility is:
A. a way of describing a consumer’s wants. B. only applicable to goods that are purchased. C. a measure of a consumer’s income D. All of these are true.
The labor ____ curve(s) will shift if there is a change in productivity or a change in the demand for the final product
a. supply b. demand c. supply and demand d. None of the above are correct. Changes in productivity and the demand for final products do not affect the labor market.
At a price above the breakeven point of a perfectly competitive firm, the firm will suffer losses in the short run
a. True b. False Indicate whether the statement is true or false