Which of the following statements regarding the opportunity cost of producing potatoes and the production possibilities frontier is true for the island of Atlantis? a. The island of Atlantis has an decreasing opportunity cost of producing potatoes and the production possibility frontier is bowed outward. b. The island of Atlantis has an increasing opportunity cost of producing potatoes and the production possibility frontier is bowed inward. c. The island of Atlantis has a constant opportunity cost of producing potatoes and the production possibility frontier is linear. d. The island of Atlantis has an increasing opportunity cost of producing potatoes and the production possibility frontier is bowed outward.

Which term refers to the cost that motivates an economic decision

Which statement below best describes george waring's approach to solving the problems of water-borne illness? a. waring is going with his "gut," because he believes that instincts and emotions are the best guides for action. b. waring efficiently and thoroughly lays out the case for why the problems are too large and overwhelming to be solved: people should just move out of cities back to their farms. c. waring has gathered the testimonies of people who live in densely populated areas in order to learn how they themselves have solved their problems. d. waring exhibits the industrial age's increased respect for and reliance on science and the scientific method.

2. the language of price controls consider the market for rental cars. suppose that, in a competitive market without government regulations, the equilibrium price of rental cars is $58 per day, and employees at car rental companies earn $19.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect there are many teenagers who would like to work at car rental companies, but the minimum-wage law sets the hourly wage at $23.00. the government has instituted a legal minimum price of $87 per day for rental cars. the government prohibits car rental companies from renting out rental cars for more than $87 per day.