A Decrease in the Quantity of Resources Available Causes a Movement

question 115

True/False

A decrease in the quantity of resources available causes a movement from one point on a given PPF to another point along the same PPF.

---

Definitions:

Price Discrimination

A pricing strategy where identical or substantially similar products or services are sold at different prices by the same provider in different markets.

Senior Citizen Discounts

Price reductions or special offers given to elderly consumers, typically those aged 65 and older, as a form of financial relief or incentive.

Economic Profits

The surplus left after deducting all costs, including opportunity costs, from a firm's total revenues, indicating the efficiency of resource allocation.

ATC Curve

Represents the Average Total Cost per unit of output produced, which is calculated by dividing the total cost by the quantity of output.