In long-run equilibrium, a perfectly competitive firm will produce an output level at which its long-run average cost curve is upward sloping

Which of the following statements is NOT an explanation of Leontief's paradox?

a. Leontief ignored the fact that the United States imports a variety of products rather than just one. b. He ignored the fact that U.S. labor is highly skilled. c. He ignored the importance of land as a factor in many U.S. exports. d. rade patterns in 1947 might have been affected by the fact that World War II had ended only two years earlier.

In a production possibilities frontier graph, the cost of producing more units of a good is measured by the

A) dollar value of the additional output. B) area in the arc between the PPF and a straight line drawn between the starting point and the ending point. C) dollar value of the resources used to produce the good. D) amount of the other good or service that must be forgone. E) None of the above answers is correct.