Use the Following to Answer Question(s)

question 23

Multiple Choice

Use the following to answer question(s) :
Exhibit: Strawberries and Submarines

-(Exhibit: Strawberries and Submarines) The downward slope of the production possibilities curve implies that resources:

• A) must be used efficiently.
• B) are scarce.
• C) should not be wasted.
• D) should be allocated so that approximately equal amounts of both goods are produced.

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Definitions:

Merchant Seller

A business or individual that sells goods to consumers in the course of their trade or business.

Nonmerchant Buyer

An individual or entity that purchases goods but does not regularly deal in goods of that kind, thus lacking certain protections and obligations under commercial law.

Risk of Loss

A legal term denoting the liability for damage to goods in a sales contract, determining who bears the risk if the goods are damaged or lost.

Merchant

A person who deals in goods of the kind sold in the ordinary course of business or who otherwise claims to have knowledge or skills peculiar to those goods.