9 Questions
Which option defines scarcity in economics?
Limited resources and unlimited wants
What is the opportunity cost of a choice?
The value of the next best alternative foregone
What is the typical shape of a Production Possibility Curve (PPC)?
Concave to the origin
What does allocation of resources refer to?
Utilization of resources to produce goods and services
What is the effect of division of labor on efficiency?
Increased efficiency
What is a characteristic of a mixed economic system?
Has both private and government-controlled resources
What is the shape of the demand curve faced by a firm in a perfectly competitive market?
Perfectly elastic
What is total revenue equal to?
Price multiplied by quantity sold
What is the major difference between a mixed economy and a command economy?
Level of government intervention
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