In the typical production possibilities model, a shift of the entire production possibilities curve is caused by a change in
technology that only affects the production of the good on the x-axis
technology that only affects the production of the good on the y-axis
the availability of scarce resources needed for production
the price of goods related to the those included in the model

The cost of direct labor used in production is recorded as a? a. credit to work-in-process inventory account. b. credit to wages payable. c. credit to manufacturing overhead account. d. credit to wages expense.

Describe how to write a main idea expressed as a bottom-line statement

An increase in the market price of men's haircuts, from $16 per haircut to $26 per haircut, initially causes a local barbershop to have its employees work overtime to increase the number of daily haircuts provided from 20 to 25. when the $26 market price remains unchanged for several weeks and all other things remain equal as well, the barbershop hires additional employees and provides 40 haircuts per day. what is the short-run price elasticity of supply? nothing (your answer should have two decimal places.) what is the long-run price elasticity of supply? nothing (your answer should have two decimal places.)