Question

24.

Which of the following is true regarding the production possibility frontier model? There is more than one correct answer to this question. You must mark all of the correct answers to receive full credit for this question.

Group of answer choices

The PPF always slopes down because resources are limited.

Resource use is efficient in producing all of the combinations shown on a PPF.

Using only the PPF model, it is not possible to state that any one combination on a frontier is superior to any other combination on the same frontier.

If resources are not specialized, the PPF will be a straight, downward-sloping line.

The principle of increasing marginal opportunity cost only applies in cases when resources are specialized.

27.

A recent news broadcast made the following statement: “An increase in the price of coffee has caused a decrease in the demand for coffee.” Would an economist agree with this statement? (Carefully look at the wording.)

Group of answer choices

No, an economist would not agree with this statement.

Yes, an economist would agree with this statement.

28.

In which of the following cases will a firm’s total revenue decrease? There is more than one correct answer to this question. You must mark all of the correct answers to receive full credit for this question.

Group of answer choices

price increases and demand is inelastic

price decreases and demand is inelastic

price decreases and demand is elastic

price increases and demand is perfectly inelastic

price increases and demand is elastic

29.

A life-saving medication that has no substitutes is likely to have a price elasticity of demand that is less than one in absolute value.

Group of answer choices

True

False

Answer 1

24.

The PPF always slopes down because resources are limited.

Resource use is efficient in producing all of the combinations shown on a PPF.

Using only the PPF model, it is not possible to state that any one combination on a frontier is superior to any other combination on the same frontier.

If resources are not specialized, the PPF will be a straight, downward-sloping line.

The principle of increasing marginal opportunity cost only applies in cases when resources are specialized.

explanation
all the statements are correct.

29. true
demnd would be inelastic.

Pls post remaining questions separately.