When the opportunity cost of producing carrots increases as more carrots are produced, then:
A. no more carrots will be produced.
B. resources are equally suited to the production of carrots and to other goods.
C. the production possibilities curve is a straight line.
D. the law of increasing opportunity costs is present
Answer: D
Economics
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Estimations of demand are used as input in this type of scenario:
A. understanding the demand for oil in order to impose a new oil import tax. B. understanding automobile demand to decide whether to offer below-market-rate loans for new cars. C. as input into a firm's decision-making process. D. all of the above
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Refer to the figures. Which figure(s) represent(s) a situation where prices are sticky?
A. A only.
B. B only.
C. Both A and B.
D. Neither A nor B.
Economics