Multiple Choice
Figure 1.1
-A farmer owns land on which he can grow soybeans or corn. If he devotes all of the land to growing soybeans, he will have an output of 12,000 bushels of soybeans. On the other hand, if all of his land is planted with corn, 10,000 bushels of corn will be produced.
Figure 1.1 refers to the farmer's
A) production possibilities curve.
B) substitution options curve.
C) trade-offs curve.
D) opportunity cost curve.
Correct Answer:
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