production possibilities, Economics Questions

Please answer the following questions.

• The bowed shape of the production possibilities curve explains:
  • a) that production is inefficient.
  • b) the law of increasing marginal cost.
  • c) that demand is relatively inelastic.
  • d) that production is unattainable.
• Transaction costs are included as a component of:
  • a) None of these
  • b) fixed costs
  • c) variable costs
  • d) marginal costs
• How is price affected when demand increases?
  • a) Price curve shifts left
  • b) Price stays the same
  • c) Price decreases
  • d) Price increases
• All Tutors are required to create and answer one Economics question of their own.
• Ask a question and develop 4 multiple choice responses, 1 correct and 3 incorrect.

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