Question Description
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- Mark the following statements true (T) or false (F).
________Opportunity cost is constantly changing along a societal PPF.
________At an endpoint on a PPF, the production of both goods equals 0.
________If it is infeasible to produce 20 corn and 30 wheat given the available factors of production (FOP) and technology (T), then it must also be infeasible to produce 20 corn and 35 wheat with the same FOP + T.
________If it is infeasible to produce 40 corn and 40 wheat given the available FOP and T, then it must also be infeasible to produce 40 corn and 35 wheat with the same FOP and T.
________If it is infeasible to produce 50 corn and 15 wheat given the available FOP and T, then it must also be infeasible to produce 55 corn and 20 wheat if we increase the FOP and improve the T.
________Opportunity cost is constantly changing along an individual’s PPF.
________The revenue line has slope equal to –Py/Px, where Py is the price of the y-axis good and Px is the price of the x-axis good.
________If the revenue line overlaps an individual’s PPF, that individual will solve his producer problem by producing anywhere along his PPF.Due to word limits, other questions are in the file.
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