Refer to the above figure. The shape of the production possibility curve indicates that production of
A) wheat is characterized by increasing costs while the production of beans is characterized by decreasing costs.
B) wheat is characterized by decreasing costs while the production of beans is characterized by increasing costs.
C) both goods are characterized by increasing costs.
D) both goods are characterized by decreasing costs.
C
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You're buying snacks for an Econ Club meeting. You've been given $100 to spend on chips and soda. If bags of chips cost $3 each and Soda costs $1 each, how much of each can you buy?
A. 40 bags of chips and 10 sodas B. 10 bags of chips and 75 sodas C. 25 bags of chips and 25 sodas D. 30 bags of chips and 15 sodas
Each week Bill buys exactly 10 hot dogs regardless of their price. Bill's own price elasticity of demand for hot dogs IN ABSOLUTE VALUE is:
A. 1. B. greater than 1. C. zero. D. less than 1.