In the natural gas industry, recent technological improvements and the use of fracking have
a. increased the demand for natural gas, causing its price to rise.
b. increased the supply of natural gas, causing its price to decline.
c. reduced the demand for natural gas even though the proved reserves of the resource have fallen.
d. resulted in sharply higher natural gas prices because of the dangers that accompany fracking.
B
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The sellers pay the entire sales tax levied on a good when demand is perfectly ________ or supply is perfectly ________
A) elastic; inelastic B) elastic; elastic C) inelastic; inelastic D) inelastic; elastic
If additional units of output could be produced at constant opportunity cost, the production possibilities curve would be: a. bowed inward toward the origin
b. bowed outward away from the origin. c. positively sloped. d. a straight line with a negative slope.