A bowed out production possibility frontier shows that the
A) opportunity cost of a good is constant as more of the good is produced.
B) opportunity cost of a good decreases as more of the good is produced.
C) opportunity cost of a good increases as more of the good is produced.
D) opportunity cost relationship is linear.
E) opportunity cost of producing another good is negative.
C
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If a business produces and sells only one unit of a good, its profit would be the
a. price received for the good b. price of the product minus the cost of the resources used to produce the product c. return paid to the firm's bank on its outstanding loans d. price of the product minus the wages paid for the labor used to produce it e. wages paid for the labor used to produce the product minus the price
A severe freeze has once again damaged the Florida orange crop. The impact on the market for oranges will be a leftward shift of: a. the demand curve, as consumers try to economize because of the shortage
b. the demand curve and a rightward shift of the supply curve. c. the supply curve. d. the supply curve and a rightward shift of the demand curve, resulting in a higher equilibrium price.