The figure above shows how the PPF for cell phones and new cell-phone factories can expand. In the figure, if the economy chose the point on this year's PPF that is below point K, the next year's PPF would
A) shift inward along the vertical axis.
B) shift outward along the horizontal axis farther than the new PPF shown in the figure.
C) shift outward along the vertical axis, not along the horizontal axis.
D) shift outward along the horizontal axis, but not as far as the new PPF shown in the figure.
E) shift inward along the horizontal axis.
The figure above shows Liz's and Joe's production possibilities for Salads and Smoothies.
D
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When we say supply curves become more elastic over time, we mean
A) the quantity supplied becomes independent of demand. B) any price change has a larger affect on quantity supplied. C) the supply curve becomes steeper. D) the supply curve shifts upward.
A business owned and managed by a single individual:
a. cooperative b. corporation c. trade association d. partnership d. sole proprietorship