Homework Answers
The correct option is C- cost of producing corn is likely to increase as society tries to produce more corn.
This is because the law says that the cost of producing a particular product increases as we produce more of it. The law does not say anything about the cost when we try to increase production of other goods.
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According to the law of increasing additional cost, the opportunity cost of producing O A. corn...
12. Country A's opportunity cost of producing 1 ton of corn is 5 tons of wheat...
12. Country A's opportunity cost of producing 1 ton of corn is 5 tons of wheat , while Country B's opportunity cost of producing 1 ton of corn is 1/3 of a ton of wheat. Which of the following statements is true? a. Country A should specialize in producing corn, while Country B should specialize in producing b. Country B should specialize in producing corn, while Country A should specialize in producing C. There will be no gains from trade...
Below is a production possibilities table for cars an corn in a small town. Good produced...
Below is a production possibilities table for cars an corn in a small town. Good produced Cars Corn (tons) Production Alternatives А ТВ Тc TD 0 6 12 18 50 45 35 L 20 24 0 a. Graph a production possibilities curve/frontier for this town. b. Does this PPF demonstrate the law of increasing opportunity costs? Why or why not? C. If the economy is at point B, what is the opportunity cost of producing 6 more cars? What is...
QUESTION 5 The law of increasing opportunity costs states that: OC a. if society wants to...
QUESTION 5 The law of increasing opportunity costs states that: OC a. if society wants to produce more of a particular good, it must sacrifice larger and larger amounts of another good to do so. b. the sum of the costs of producing a particular good cannot rise above the current market price of that good if the sum of the costs of producing a particular good rises by a specified percentage, the price of that good must rise by...
il Verizon LTE 1:43 AM PROBLEMS CHAP 1 Opportunity what is the opportunity cost of increasing...
il Verizon LTE 1:43 AM PROBLEMS CHAP 1 Opportunity what is the opportunity cost of increasing consumer output from OF to OD? what is the opportunity cost of increasing consumer output from OA to OD? what is the opportunity cost of output from OE to OB? increasing consumer Assume at point O, we have 0 at point E, we have 5 at point G, we have 8 at point B, we have 12.5 at point F, we have 10 at...
The fact of increasing opportunity cost when moving on the PPF means that Select one: O...
The fact of increasing opportunity cost when moving on the PPF means that Select one: O A. when the government forces a movement from one point on the PPF to another point, no production is lost. B. the PPF will be a negatively sloped straight line. O C. to increase the production of one product requires larger and larger sacrifices of the other good. O D. to decrease the production of one product requires smaller and smaller sacrifices of the...
According to the law of demand, when will higher corn prices reduce the quantity demanded of...
According to the law of demand, when will higher corn prices reduce the quantity demanded of corn? A) Always. B) When the supply of the corn is fixed. C) When nonprice determinants, like income and the number of buyers, are held constant. D) When there are no shortages or surpluses of corn.
If an increase in the demand for corn leads to economic profits for corn farmers, new...
If an increase in the demand for corn leads to economic profits for corn farmers, new corn farmers will enter the industry. the price of corn will remain high low in the long run. o the suppliers of corn will suffer long-run economic losses. all of the above are correct. Scenario 9-1 Assume a certain competitive price-taker firm is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total...
9) Opportunity cost is A) the additional cost of buying an additional unit of a product ) the additional cost of pro...
9) Opportunity cost is A) the additional cost of buying an additional unit of a product ) the additional cost of producing an additional unit of output C) a cost that cannot be avoided, regardless of what is done in the future. D) that which we forgo, or give up, when we make a choice or a 10) 10) Consider the following economic agents: a· the government b consumers c producers Who, in a centrally planned economy, decides what goods...
With marginal cost pricing o all opportunity costs will be covered in the short run. o...
With marginal cost pricing o all opportunity costs will be covered in the short run. o marginal benefits are usually less than marginal cost. O the price charged is equal to the opportunity cost to society of producing one more unit of the good. o there cannot be any short-run economic profit.
9. Suppose that an economy is currently producing at a point inside its PPF. We know...
9. Suppose that an economy is currently producing at a point inside its PPF. We know that: a. The economy is producing beyond its capacity, so inflation will occur b. The economy is not using all of its available resources c. The economy is producing an efficient combination of goods d. There will be a large opportunity cost if the economy tries to increase production of any good _____ 10. Production possibility frontiers are usually shown as bowed outward. This...
12. Country A's opportunity cost of producing 1 ton of corn is 5 tons of wheat , while Country B's opportunity cost of producing 1 ton of corn is 1/3 of a ton of wheat. Which of the following statements is true? a. Country A should specialize in producing corn, while Country B should specialize in producing b. Country B should specialize in producing corn, while Country A should specialize in producing C. There will be no gains from trade...
Below is a production possibilities table for cars an corn in a small town. Good produced Cars Corn (tons) Production Alternatives А ТВ Тc TD 0 6 12 18 50 45 35 L 20 24 0 a. Graph a production possibilities curve/frontier for this town. b. Does this PPF demonstrate the law of increasing opportunity costs? Why or why not? C. If the economy is at point B, what is the opportunity cost of producing 6 more cars? What is...
QUESTION 5 The law of increasing opportunity costs states that: OC a. if society wants to produce more of a particular good, it must sacrifice larger and larger amounts of another good to do so. b. the sum of the costs of producing a particular good cannot rise above the current market price of that good if the sum of the costs of producing a particular good rises by a specified percentage, the price of that good must rise by...
il Verizon LTE 1:43 AM PROBLEMS CHAP 1 Opportunity what is the opportunity cost of increasing consumer output from OF to OD? what is the opportunity cost of increasing consumer output from OA to OD? what is the opportunity cost of output from OE to OB? increasing consumer Assume at point O, we have 0 at point E, we have 5 at point G, we have 8 at point B, we have 12.5 at point F, we have 10 at...
The fact of increasing opportunity cost when moving on the PPF means that Select one: O A. when the government forces a movement from one point on the PPF to another point, no production is lost. B. the PPF will be a negatively sloped straight line. O C. to increase the production of one product requires larger and larger sacrifices of the other good. O D. to decrease the production of one product requires smaller and smaller sacrifices of the...
According to the law of demand, when will higher corn prices reduce the quantity demanded of corn? A) Always. B) When the supply of the corn is fixed. C) When nonprice determinants, like income and the number of buyers, are held constant. D) When there are no shortages or surpluses of corn.
If an increase in the demand for corn leads to economic profits for corn farmers, new corn farmers will enter the industry. the price of corn will remain high low in the long run. o the suppliers of corn will suffer long-run economic losses. all of the above are correct. Scenario 9-1 Assume a certain competitive price-taker firm is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total...
9) Opportunity cost is A) the additional cost of buying an additional unit of a product ) the additional cost of producing an additional unit of output C) a cost that cannot be avoided, regardless of what is done in the future. D) that which we forgo, or give up, when we make a choice or a 10) 10) Consider the following economic agents: a· the government b consumers c producers Who, in a centrally planned economy, decides what goods...
With marginal cost pricing o all opportunity costs will be covered in the short run. o marginal benefits are usually less than marginal cost. O the price charged is equal to the opportunity cost to society of producing one more unit of the good. o there cannot be any short-run economic profit.
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