If the farmer is producing 5000 bushels of soybeans at point B in the figure above, we know that
A) the farmer is not using his resources efficiently.
B) the farmer is using his land to produce a crop other than soybeans or corn.
C) the farmer must be using more land than was used in constructing the production possibilities curve.
D) the farmer is using his resources efficiently.
A) the farmer is not using his resources efficiently.
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This type of firm would likely operate as a monopoly
A) one of many U.S. wheat farmers. B) one of the few U.S. auto makers. C) AT&T long distance phone service. D) the local water company.
Orange juice drinkers want to consume more orange juice at a lower price. Which of the following events would have this effect?
A) a decrease in the population B) a decrease in the price of orange juice processing C) an increase in the cost of fertilizer used for orange groves D) a decrease in income, assuming orange juice is a normal good