A society can produce two goods: green tea and vitamin water. As this society moves down its production possibility frontier, producing more and more units of vitamin water, the opportunity cost of producing vitamin water increases. The society's production possibilities frontier will be
A. negatively sloped and bowed inward.
B. positively sloped and bowed inward.
C. positively sloped and bowed outward.
D. negatively sloped and bowed outward.
Answer: D
Economics
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a. falling commodity prices b. depreciation of the foreign exchange value of the dollar c. a rising M1 money supply d. an increase in the rate of inflation
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If a monopolist's price is $50 at 63 units of output and average total cost equals $43, then the firm's total profit is
A) $3,150. B) $2,709. C) $441. D) $7.
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