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Can you please mention the choices in the form of a,b,c as it is confusing a bit now?
Which of the following is not demonstrated by a production possibility curve?
b, Opportunity Cost
c, Necessity for choice due to scarcity
In the start there was only one question if i am not wrong.
1. d. Price
2. c. can be higher than, or lower than
3. a. by the U.S Bureau of the Census (based on family food budgets)
4. c. lie below the demand curve at all points
5. a. positive
Hope this helps!
1) A key reason that aour gasoline prices elevated rapidly from 2006 to 2008 was:
a. light global supplies and high prices
b. the war in the Middle East
c. greed by oil exporting countries
2) In order for real wages to grow:
a. productivity must grow
b. productivity must fall
c. money wages must grow
d. money wages must fall
3) The substitution effect and the output effect work in the:
a. same direction some of the time
b. same direction all of the time
c. opposite direction some of the time
d. opposite direction all of the time
4) The law demands holds for:
a. individuals, but not for markets
b. markets, but not for individuals
c. both individuals and for markets
d. neither individuals nor for markets
5) A firm will maximize its profits or minimize its loss at the output where:
a. the difference between price and marginal cost is at its maximum
b. total cost equal total revenue
c. marginal cost equals marginal revenue
d. total revenue equals variable cost