Examlex
Use the following to answer questions :
Figure: Production Possibility Frontier Curve for Tealand
-(Figure: Production Possibility Frontier for Tealand) Look at the figure Production Possibility Frontier for Tealand. Tealand is producing at point C on its production possibility frontier. What is the opportunity cost of increasing the production of tea from 20 million cups to 30 million cups?
Surplus
The amount by which the quantity supplied of a good exceeds the quantity demanded at a specific price.
Price Ceiling
A legal maximum price set below the equilibrium price, preventing sellers from charging more than this amount.
Price Floor
A government-imposed minimum price set above the equilibrium price, preventing market prices from falling below a certain level.
Shortage
The occurrence of demand for a certain product or service outpacing the supply in the marketplace.
Q31: Total surplus in a market is the
Q36: Consider a production possibility frontier for Iraq.
Q39: Raclette is a popular wintertime dish in
Q95: The BEST example of making a choice
Q132: A shift of the demand curve for
Q149: (Figure: Four Markets for DVDs) Look at
Q168: (Figure: Producer Surplus and Supply) Look at
Q218: A newspaper story recently reported that the
Q244: (Figure: Production Possibility Frontier) Look at the
Q263: (Figure: Shifts in Demand and Supply IV)