1. The bowed shape of the production possibilities curve illustrates:
a. the law of increasing marginal cost
b. that production is inefficient
c. that production is unattainable
d. the demand is relatively inelastic
2. The demand for a product would be more inelastic:
a. the greater is the time under consideration
b. the greater is the number of substitutes available to buyers
c. the less expensive is the product in relation to incomes
d. all of the above
email your answers with the subject line 21 DAY CHALLENGE-DAY 13 TO profKMody@gmail.com
a. the law of increasing marginal cost
b. that production is inefficient
c. that production is unattainable
d. the demand is relatively inelastic
2. The demand for a product would be more inelastic:
a. the greater is the time under consideration
b. the greater is the number of substitutes available to buyers
c. the less expensive is the product in relation to incomes
d. all of the above
email your answers with the subject line 21 DAY CHALLENGE-DAY 13 TO profKMody@gmail.com
