-A farmer has 100 acres of land on which he can grow soybeans or corn. An acre of land yields 200 bushels of soybeans or 100 bushels of corn. The above figure refers to the farmer's
A) production possibilities curve.
B) substitution options curve.
C) demand curve.
D) opportunity cost curve.

Question

-A farmer has 100 acres of land on which he can grow soybeans or corn. An acre of land yields 200 bushels of soybeans or 100 bushels of corn. The above figure refers to the farmer's
A) production possibilities curve. 
B) substitution options curve. 
C) demand curve. 
D) opportunity cost curve.

Quizplus · Accepted Answer

The description outlines the maximum output possibilities of two different goods (soybeans and corn) that can be produced with a given set of resources (100 acres of land), which is the definition of a production possibilities curve.

-A Farmer Has 100 Acres of Land on Which He