Refer to Figure 2.1. If you are producing 600 tons of agricultural products per year, what is the maximum amount of manufactured products you can produce per year?

Elasticity has which special meaning for economists?

a. b and c. b. A ratio of percentage changes. c. How easily prices adjust to market changes. d. How price changes as quantities demanded change. e. When consumers will no longer react to price changes.

Goods that are rival in consumption and excludable are:

A. a common resource. B. a private good. C. a public good. D. an artificially scarce good.