a. How has fracking changed U.S. production possibilities? b. How have advances in technologies for producing other

Question:

a. How has “fracking” changed U.S. production possibilities?

b. How have advances in technologies for producing other goods and services changed the U.S. production possibilities?

c. If “fracking” had been the only technological advance, how would the PPF have changed?

d. If “fracking” had been the only technological advance, how would the opportunity cost of producing oil and gas have changed? Would it have been lower or higher than it actually was?

Opportunity Cost
Opportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...

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