Which of the following best describes what occurs along a bowed-out production possibilities curve? The opportunity cost of production of a good is zero. Resources can be transferred from one productive activity to another without requiring a sacrifice. The opportunity cost of production of a good falls as its output increases. The opportunity cost of production of a good rises as its output increases.

Which of the following best describes what occurs along a bowed-out production possibilities curve? The opportunity cost of production of a good is zero. Resources can be transferred from one productive activity to another without requiring a sacrifice. The opportunity cost of production of a good falls as its output increases. The opportunity cost of production of a good rises as its output increases.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter2: Economic Tools And Economic Systems

Section: Chapter Questions

Problem 2QFR

See similar textbooks

Similar questions

Whether a certain criterion is determinant or not is independent of the situation in which a product is consumed. True False In the context of disposing of consumer refuse, recycling cuts down on garbage while providing raw materials for other new products. True False Which of the following is a fundamental emotion evoked by positive, anticipatory appraisals that signal uncertainty about a positive outcome? a. Hope b. Confusion c. Surprise d. Pride Which of the following best describes chronic, repetitive purchasing behaviors that are in response to negative events or feelings? a. Addictive consumption b. Impulsive purchasing c. Window shopping d. Compulsive buying Retaliatory revenge is when a consumer yells insults and makes a public scene in an effort to harm the business. True False
the economic reason for which consumption decisions are graphically represented as a straight line and production decisions are graphically represented as a curve.
Willingness to spend, which relates to a person’s _____, is likely to ____ if he or she is unsure how long they will be employed. Willingness to spend, which relates to a person’s _____, is likely to ____ if he or she is unsure how long they will be employed. A. economic conditions and personal resources; decrease B. expected satisfaction from a product; decline C. expected satisfaction from a product; increase D. annual household income; decline E. economic conditions and personal resources; increase
In Economics LRP means Group of answer choices a. firms can change some factors of production b. firms can change all the factors of production c. A and B d. none of the above
Because one’s productivity in the workplace is likely to be affected by one’s health, investment in health could increase earnings to the extent that one might spend money on health care without reducing his or her consumption of other goods.
Q16 Pareto optimality refers to the maximum efficient allocation of economic resources such that there is no way that one's wealth another person worse off: this statement is choices - irrelevant -conditionally true -always true -always false
Opportunity cost is the expected benefit from: A) All possible choices sacrificed and is objectively measured. B) An individuals' second best choice and is subjectively measured. C) An individual's second best choice and is objectively measured. D) All possible choices sacrificed and is subjectively measured.
Public Good Contribution: Three players live in a town, and each can choose to contribute to fund a streetlamp. The value of having the streetlamp is 3 for each player, and the value of not having it is 0. The mayor asks each player to contribute either 1 or nothing. Each player makes a decision without knowing others’ contributions. If at least two players contribute then the lamp will be erected. If one player or no players contribute then the lamp will not be erected, in which case any person who contributed will not get his money back. Write down the strategy sets of each player, their payoffs, and find all pure-strategy Nash equilibria.
Analyze how pareto efficiency is achieved from consumption activities in an economy
Because one’s productivity in the workplace is likely to be affected by one’s health, investment in health could increase earnings to the extent that one might spend money on health care without reducing his or her consumption of other goods. True or False
Refer to figure . At the initial price, the consumer consumers 5 units of apple. Suppose theconsumer exchanges orange for apple at the initial price before the change in price. Thechange in demand for apples due to the change in the value of the endowment is equal to
True or false? While the endowment bundle must lie on the original budget line, it need not lie on the budget line when prices change.