Fred trades 2 tomatoes to Barney in exchange for 1 pumpkin. Fred and Barney both gain from the exchange. We can conclude that, for Barney, the opportunity cost of producing 1 pumpkin is greater than 2 tomatoes

Which of the following is NOT an assumption of perfect competition?

A) many firms B) many buyers C) restrictions on entry into the market D) each firm sells an identical product

Rapid population increase in which of the following economies may threaten and deter economic growth the most?

a. highly industrialized countries b. an agriculture based economy c. developed economies d. a technology driven economy