Most resources are best suited for a particular use. For example, climate and other conditions in Florida allow resources to be used in orange production in lieu of wheat or potato production. What economic concept deals with this issue?

The basic problem addressed in economics is

a. scarce resources and unlimited wants b. scarce wants and unlimited resources c. cost minimization d. how to manage a financial portfolio e. unlimited time and unlimited potential

In Figure 1.9, as you move up the curve from point J toward point M, the slope

A. Increases. B. Decreases. C. Remains constant. D. Becomes negative.