Question

34.) True or False? If the demand for a good is inelastic, a rise in that good’s price will reduce the revenue sellers receive from selling that good. (1 point)

7.) (1 point) A point inside a nation’s production possibilities frontier is

a.) efficient but not feasible
b.) feasible but not efficient
c.) both efficient and feasible d.) neither efficient nor feasible

8.) (1 point) A point on the production possibilities frontier is

a.) impossible

b.) possible, but not efficient

c.) both possible and efficient d.) neither possible nor efficient.

Answer 1

1- if the demand is inelastic that means that the price change wont affect the demand much so this means that an increase in price wont decrease the demand much thus revenue will rise.

2- a point inside a nation's ppc reflect the points those are ineffecient, they are feisable but are highly ineffecient,

so answer is B

3- ppc is a curve that shows various combinations of two commodities that an economy can produce with given resources and technology effectively and effeciently utilized,

so answer is c