The above table shows production points on Sweet-Tooth Land's production possibilities frontier. What is the opportunity cost of one can of cola if Sweet-tooth Land moves from point C to point B?
A) 20 chocolate bars per can of cola
B) 10 chocolate bars per can of cola
C) 2 chocolate bars per can of cola
D) 1/2 chocolate bars per can of cola
D
Economics
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A decrease in the demand for labor will ________ real wages and ________ employment
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
Economics
If the price of oil is $60 per barrel, the quantity of oil supplied is 70 million barrels per day. If the price is $40 per barrel, the quantity of oil supplied is 69 million barrels per day. This implies that the
A) supply of oil is elastic. B) supply of oil is inelastic. C) demand for oil is inelastic. D) demand for oil is elastic.
Economics