The slope of the production possibility frontier is determined by the _________ of expanding production of one good, measured by how much of the other good would be lost.  

Enter your answer as a whole number. A firm will maximize revenue at a quantity of:

In order to calculate marginal cost, the change in ______________ is divided by the amount of change in quantity.  

Refer to the graph above. At Point A in the production possibilities graph shown above, the economy:  

Whatever the firm’s quantity of production, _____________ must exceed total costs if it is to earn a profit.  

Both Wisconsin and Illinois border Lake Michigan. The lake is becoming polluted and both states are deciding whether or not to clean it. If Wisconsin decides to clean the lake it will cost 1200 and generate social benefits of 1500 – however, Wisconsin will receive only 1100 of those social benefits while neighbor Illinois will receive the other 400. If Illinois cleans the lake, it will cost them 700 and generate social benefits of 900 – however, Illinois will receive only 600 of those benefits, Wisconsin will receive the remaining 300. If a state does not clean the lake, it experiences a cost of $0. In the absence of any agreement, the outcome of this game will be:

The government introduces a subsidy for solar panels, and at the same time, household incomes increase. Ceteris paribus, the equilibrium price of solar panels will _______ and the equilibrium quantity will ______.

Refer to the figure above. The most inefficient point of production depicted is:

Which of the following is most likely to be a monopoly?  

A patient is prescribed Lumigan (bimatoprost), a prostaglandin inhibitor, for glaucoma. The nurse recognizes the patient needs additional teaching with which patient statement?