Refer to Figure 2-5. If the economy is currently producing at point X, what is the opportunity cost of moving to point Y?
A) 14 million tons of steel B) 5 million tons of steel
C) 5 million tons of paper D) 9 million tons of paper
B
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If the absolute value of the price elasticity of demand for a good is .75, the demand for that good is described as
A. inferior. B. normal. C. inelastic. D. elastic.
The above figure shows the U.S. market for wheat. With no international trade, the price of wheat in the United States is ________ per ton. With international trade, the price of wheat in the United States is ________ per ton
A) $700; $300 B) $500; $700 C) $500; $300 D) $14; $16 E) $16; $14
In a graph of choice sets, a price change causes the slope of budget lines to change.
Answer the following statement true (T) or false (F)
When a market is in equilibrium, the total amount of consumer surplus must be ________ the total amount of producer surplus
A) larger than B) equal to C) less than D) None of the above answers are correct.