A good that entails relatively high fixed costs associated with the use of knowledge and other information-intensive inputs as key factors of production is

Supply is elastic if

A) a 1 percent change in price leads to a larger percentage change in quantity supplied. B) a 1 percent change in price leads to a smaller percentage change in quantity supplied. C) the slope of the supply curve is positive. D) the good in question is a normal good.

The table above shows the PPF of an island community. This community's opportunity cost of producing 1 pound of fish ______

A. is the increase in the quantity of berries gathered as the quantity of fish increases by 1 pound B. increases as the quantity of berries gathered increases C. is 10 pounds of berries if the quantity of fish increases from 2 to 3 pounds D. increases as the quantity of fish caught increases