1. If David buys a movie from Target™, then his purchase is recorded between the

Question

1. If David buys a movie from Target™, then his purchase is recorded between the

2. Production Possibilities for
MP3 Players and Semi Trucks

Using the table above, a combination of eight MP3 players and two semi trucks,

3. When the production possibilities curve is concave from the origin, then

1. If David buys a movie from Target™, then his purchase is recorded between the

household and the factor market. household and the financial market. household and the product market. household and the business. household and the government.

Explanation / Answer

1. Household and product market, where households buy goods and services from business firms.

2. Attainable and inefficient, since with 8 MP3 players, 4 trucks can be produced. The point will lie inside the PPF, so it is attainable but resources are not used efficiently.

3. as more of one good is produced, more of the other good is sacrificed., As more of a good is produced the opportunity cost in terms of giving up the other good increases.

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