When drawing a production possibilities frontier, which of the following is held constant?
A) the amount of money in the economy
B) the available factors of production and the state of technology
C) the prices of goods and services
D) the quantity of the goods and services that are produced
E) None of the above because nothing is held constant when drawing the production possibilities frontier.
Question 2
If consumers suddenly decide they no longer want to purchase hybrid vehicles, the price of hybrid vehicles will likely ________ and producers will ________ production.
A) increase; decrease
B) increase; increase
C) decrease; decrease
D) decrease; increase
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