Because you can only obtain more of one good

Because you can only obtain more of one good

21) Because you can only obtain more of one good by giving up some of another good, the shape of a

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production possibility curve is _______________.

a) perfectly vertical

b) downward-sloping

c) upward-sloping

d) perfectly horizontal

22) Diminishing marginal productivity begins when the

a) third worker is hired.

b) fourth worker is hired.

c) fifth worker is hired.

d) sixth worker is hired.

 

23) The price of a ticket to a rock concert is set at $35. All the tickets for the concert sell out 1 hour after

they go on sale and there are still 1,000 fans who want to buy tickets. It follows that

a) the equilibrium price of tickets to the concert is more than $35.

b) the equilibrium price of tickets to the concert is $35.

c) the equilibrium price of tickets to the concert is less than $35.

d) the quantity of tickets demanded is equal to the quantity supplied at the $35 price.

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