Author Question: Each point on a supply curve represents A) the highest price buyers will pay for the good. B) ... (Read 115 times)

neverstopbelieb · **on:** Jun 29, 2018

Each point on a supply curve represents

A) the highest price buyers will pay for the good.
B) the lowest price for which a supplier can profitably sell another unit.
C) the lowest price buyers will accept per unit of the good.
D) the highest price sellers can get for each unit over time.

Question 2

The fact that individual productive resources are NOT equally useful in all activities

A) implies that a production possibilities frontier will be bowed outward.
B) implies that gain from specialization and trade is unlikely.
C) follows from the law of demand.
D) implies a linear production possibilities frontier.