Author Question: Refer to Figure 2-5. If the economy is currently producing at point W, what is the opportunity cost ... (Read 136 times)

kamilo84 · **on:** Jun 29, 2018

Refer to Figure 2-5. If the economy is currently producing at point W, what is the opportunity cost of moving to point Y?

A) 2 million tons of paper B) 14 million tons of steel
C) 9 million tons of paper D) 2 million tons of steel

Question 2

Refer to Figure 4-1. If the market price is 1.50, what is Arnold's consumer surplus?

A) 1.50 B) 2.25 C) 3.00 D) 4.75