Tutor profile: Matthew S.
What is the Accounting Equation?
Assets = Liability + Stockholders' Equity
What is meant by the term 'diminishing marginal utility'?
This means that the additional satisfaction gained from consuming a good decreases as the number of goods consumed increases.
What does a data point INSIDE a production possibility curve indicate?
That production is not being executed in the most efficient manner. (A data point ON the curve represents optimal efficiency)
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