The slope of a production possibilities frontier that displays increasing opportunity cost is
A) positive and constant.
B) negative and constant.
C) steeper near the horizontal intercept than near the vertical intercept.
D) steeper near the vertical intercept than near the horizontal intercept.
Question 2
Suppose the market-clearing price of milk is 3.00 per gallon, but the dairy industry persuades the government to establish a legally-mandated price support at 4.00 per gallon. The newly legislated price tends to
A) increase the supply of milk.
B) reduce the demand for milk.
C) increase the quantity supplied of milk.
D) increase the quantity demanded of milk.
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