ID: Figure 2-6 200 : D + 100 100 200 300 Soybeans 22. In Figure 2-6 assume this
ID: 1141151 • Letter: I
Question
ID: Figure 2-6 200 : D + 100 100 200 300 Soybeans 22. In Figure 2-6 assume this economy is currently operating at point D. What is the opportunity cost of moving to B? a. about 200 bushels of wheat b. 200 bushels of soybeans c. Infinite, B cannot be produced at any cost. d. 0 Which of the following will shift the demand curve for milk? a. change in the income of buyers of milk b. change in the price of milk c. change in input prices for milk d. All of the above are correct. are correct 23. Figure 3-16 Si 0 Assume that Figure 3-16 shows the supply of orange juice. A decrease in the wage rate paid to workers in orange juice industry will shift supply from a. Si to S. b. S to Si. c. S to S2 d. S to S 24.Explanation / Answer
22) opportunity cost of moving to B is 0. because production of wheat can be increase without any fall in production of soyabean.
so, correct option is D.
23) change in the income of buyers of milk will shift the demand curve.
so, correct option is A.
24) a decrease in the wage rate will shift the supply curve of juice industry from s1 to s3.
so, correct option is A.