As shown in Exhibit 3, ______ can produce both cloth and food ______.
a. Wendy; more productively
b. Wendy; at a lower opportunity cost
c. Calvin; more productively
d. Calvin; at a lower opportunity cost
a. Wendy; more productively
You might also like to view...
A sudden fall in the market demand in a competitive industry leads to
a. A short run market equilibrium price lower than the original equilibrium b. A market equilibrium price lower than the short run price c. New firms entering the market d. All of the above
The agricultural nation of Luckidom is attempting to answer the three fundamental economic questions. Develop the three questions as they relate to this nation.
A. 1. Should we produce more wheat and fewer soybeans? 2. Should we farm with equipment or by hand? 3. Do the farmers or the governors receive a higher salary? B. 1. Should we farm with equipment or by hand? 2. Do the farmers or the governors receive a higher salary? 3. Should we grow near the riverbed or by the coast? C. 1. Should we use fertilizer? 2. Should we grow near the riverbed or by the coast? 3. Should we produce more wheat and fewer soybeans? D. 1. Should we grow near the riverbed or by the coast? 2. Should we produce more wheat and fewer soybeans? 3. Should we farm with equipment or by hand?