C) resources are scarce.
D) wants are virtually unlimited.
141) If the production possibilities curve were a straight downsloping line, this would suggest that:
A) resources are perfectly substitutable between the production of these two goods.
B) it is possible to produce more of both products.
C) both products are equally capable of satisfying consumer wants.
D) the two products have identical prices.
142) Refer to the diagram below. The concave shape of each production possibilities curve indicates that:
A) resources are perfectly substitutable.
B) wants are virtually unlimited.
C) prices are constant.
D) resources are not equally suited for alternative uses.
143) The marginal benefit curve is:
A) upward sloping because of increasing marginal opportunity costs.
B) upward sloping because successive units of a specific product yield less and less extra utility.
C) downward sloping because of increasing marginal opportunity costs.
D) downward sloping because successive units of a specific product yield less and less extra utility.
144) The marginal cost curve is:
A) upsloping because of increasing marginal opportunity costs.
B) upsloping because successive units of a specific product yield less and less extra utility.
C) downsloping because of increasing marginal opportunity costs.
D) downsloping because successive units of a specific product yield less and less extra utility.
145) The output of LED TVs should be:
A) reduced if marginal benefits exceed marginal costs.
B) reduced if marginal costs exceed marginal benefits.
C) increased if marginal costs exceed marginal benefits.
D) reduced to zero if their unit costs exceed the unit costs of alternative products.
146) If the output of product X is such that marginal benefit equals marginal cost:
A) the correct amount of resources is being allocated to X's production.
B) the value of producing X and the value of producing alternative products with available resources is the same.
C) there can be no net gain to society by allocating either more or less resources to producing X.
D) all of these are correct.
147) 