A farmer has 100 acres of land on which he can grow soybeans or corn. An acre of land yields 200 bushels of soybeans or 100 bushels of corn. The above figure refers to the farmer's
A) production possibilities curve.
B) substitution options curve.
C) demand curve.
D) opportunity cost curve.
A
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Explain what the free market will do if exchange rates end up in the "right ranges."
What will be an ideal response?
The productivity slowdown in the U.S. can be explained by geographic limitations and instability in the government
a. True b. False Indicate whether the statement is true or false
Market price is the same thing as equilibrium price.
Answer the following statement true (T) or false (F)
Refer to the information provided in Figure 5.6 below to answer the question that follows.
Figure 5.6Refer to Figure 5.6. The market is initially in equilibrium at the intersection of the demand curve and supply curve S2. If supply shifts from S2 to S1, which of the following statements is true?
A. The market cannot move to a new equilibrium unless demand shifts at the same time that supply shifts. B. There is no need for price to serve as a rationing device in this case because the new equilibrium quantity is less than the original equilibrium quantity. C. Price will still serve as a rationing device causing quantity demanded to rise from 10 to 12 pizzas. D. Price will still serve as a rationing device causing quantity supplied to exceed 12 pizzas.