The table below represents the combinations of beef and corn produced on a tract of land of a given size and fertility Corn (bushels) Beef (kg) 10000 8000 900 6000 1200 4000 1400 2000 1475 1500 Which of the following events is likely to lead to an outward shift of the PPF? Select one: O a. Corn prices fall relative to beef prices O b. a reallocation of land use such that corn production increases from 6000 bushels to 8000 bushels while beef production decreases from 1200 kg to 900 kg O c. Some of the land is lost due to a flood O d. Twenty of the existing acres are not used for either beef or corn production O e. None of the answers are correct

The table below represents the combinations of beef and corn produced on a tract of land of a given size and fertility Corn (bushels) Beef (kg) 10000 8000 900 6000 1200 4000 1400 2000 1475 1500 Which of the following events is likely to lead to an outward shift of the PPF? Select one: O a. Corn prices fall relative to beef prices O b. a reallocation of land use such that corn production increases from 6000 bushels to 8000 bushels while beef production decreases from 1200 kg to 900 kg O c. Some of the land is lost due to a flood O d. Twenty of the existing acres are not used for either beef or corn production O e. None of the answers are correct

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter13: General Equilibrium And Welfare

Section: Chapter Questions

Problem 13.3P

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