Based on the PPF shown in this graph, Point __ represents an efficient use of resources, Point __ represents an inefficient use of resources, and Point __ represents a production combination that is not possible.

If the Price of X = $1 and the Price of Y = $2, then how many units of Good Y should be purchased if Income = $17?

For _____ theory of oligopoly, even if marginal cost changes, the profit maximizing quantity of output can remain the same.

When the price of product R increases from $35 to $37, the quantity demanded of product S increases from 13,000 to 15,500. Based on this, the cross elasticity of demand of products R and S is _____ and these two products are _____.

Check all of the following that can be considered “labor”:

An increase in the price of a product will ultimately cause a(n) _____ in equilibrium price and a(n) _____ in equilibrium quantity in the labor market of workers that produce that product.

When the price of product R increases from $43 to $46, the quantity demanded of product S increases from 13,000 to 15,500. Based on this, the cross elasticity of demand of products R and S is _____ and these two products are _____.

When a tax is imposed on a supplier and demand is perfectly elastic, there will be _____ in equilibrium quantity and _____ in equilibrium price.

When consumers’ incomes increase from $2,100 per month to $2,200 per month, quantity demanded of Kool Aid decreases from 15,000 to 14,000 units per day. Based on this, the income elasticity of demand is _____ and Kool Aid is a(n) _____.

Wayne Enterprises makes and sells remote controlled cars. They sell their R/C cars for $76.69 each. They have fixed costs of $6,500 and variable costs per unit are $38. What quantity of cars must they sell in order to break even?