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the cost of reducing the ou… Show more Opportunity cost re

Paper help Economics the cost of reducing the ou… Show more Opportunity cost re

Economics

the cost of reducing the ou… Show more Opportunity cost re

the cost of reducing the ou… Show more Opportunity cost reflected on a production possibilities curve is : the cost of reducing the output of one good in order to increase the output of another. the rate at which people are willing to exchange goods as determined by demand and supply. the dollar cost of the good given up to get another good. independent of the slope of the curve. An argument against the use of tariffs to keep out the production of “cheap” foreign labor is that: wage rates and labor productivity are directly related. product prices and labor costs are unrelated. there is no significant relationship between labor productivity and wage levels. they don’t work. Quotas imposed on U.S. imports into Japan tend to: penalize both U.S. consumers and Japanese consumers. benefit both U.S. consumers and Japanese consumers. penalize U.S. consumers and benefit Japanese consumers. benefit U.S. consumers and penalize Japanese consumers. he absolute value of the slope of the production possibilities curve at any point: gives the price of the good on the vertical axis that must be given up to attain an additional unit of the good on the horizontal axis. is found by dividing the horizontal change by a vertical change. gives the quantity of the good on the vertical axis that must be given up to produce an additional unit of the good on the horizontal axis. gives the price of the good on the horizontal axis relative to the price of the good on the vertical axis. • Show less

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