Technological progress makes the production possibilities frontier
A) shift inward toward the origin.
B) become more linear and less bowed.
C) shift outward from the origin.
D) become less linear and more bowed.
C
Economics
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A data lag
What will be an ideal response?
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If a severe drought causes the harvest of corn to be 10 percent less than anticipated, it will cause a large increase in the price of corn if
A) corn is scarce. B) the demand for corn is highly elastic. C) the demand for corn is highly inelastic. D) the supply of corn is highly elastic. E) the supply of corn is highly inelastic.
Economics