Figure 51 the Figure Shows a Linear Production Possibility Curve Representing

question 2

Multiple Choice

Figure 5.1. The figure shows a linear production possibility curve representing a tradeoff faced by a country, between necessities and luxuries​.
-To say that "there is a scarcity of gold" means that:

• A)gold prices will plummet.
• B)there is not enough gold to satisfy people's demand.
• C)there are a very few substitutes for gold.
• D)gold is relatively less expensive than other metals.
• E)the demand for gold is changing.

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Definitions:

Interests

Personal or professional areas of attention or concern that motivate individuals to engage in specific activities.

Behavior

The actions or reactions of an individual or system in response to external or internal stimuli.

Culture

The set of shared attitudes, values, goals, and practices that characterizes an institution, organization, or group.

Total Surplus

Total surplus is the sum of consumer surplus and producer surplus in a market, representing the total net benefit to society from trading in the market.