Suppose that the total production of an economy consists of 4 oranges and 10 candy bars, each orange sells for $0.25, and each candy bar sells for $0.50. What is the market value of production in this economy?

Suppose that an economy can produce various combinations of fish and bread. If more people with strong fishing skills became employed in this economy, how would the production possibilities curve (PPC) change?

a. The PPC would shift outward on the fish axis, but would not change on the bread axis. b. The PPC would shift outward equally along both the fish and the bread axes. c. The PPC would shift inward on the bread axis, but would not change on the fish axis. d. The PPC would shift inward equally along both the fish and the bread axes.

In the market for oranges, availability of substitutes limits a single seller's power over price

Indicate whether the statement is true or false