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Author Question: The production possibilities curve shifts outward when A) the law of increasing additional cost ... (Read 70 times)

Capo

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  • Posts: 545
on: Jun 29, 2018
The production possibilities curve shifts outward when
 
  A) the law of increasing additional cost takes hold.
  B) the economy is producing efficiently.
  C) we produce more consumption goods over productive investment in equipment.
  D) there is an increase in resources or technology.

Question 2

A price floor represents
 
  A) a maximum price that can be legally charged for a product or service.
  B) a minimum price that can be legally charged for a good or service.
  C) a lottery imposed upon producers by the government.
  D) a first come, first served mechanism for controlling prices.


Cnarkel

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

B


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