The term "market" refers only to trading arrangements that have been approved by the government
Indicate whether the statement is true or false
FALSE
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Goods and services are sold
A) only as intermediate goods. B) by households. C) in the factor markets. D) in the product markets.
What is the opportunity cost of going from point D to point C?
Which of the following statements about movement along the production possibilities
curve in the figure above is FALSE? A) An additional computer can be produced only if fewer televisions are produced. B) The trade—off between computers and televisions is not constant. C) Society cannot have more of both goods at the same time. D) There are no opportunity costs involved in choosing one point on the curve over all other points.
Demand and Cost Data for Will's Beach Ball CompanyTable 26.1A Monopolistically Competitive FirmPriceDemand Data QuantityCost Data OutputTotal Cost$1166$48$1077$52$988$57$899$63$71010$70Refer to Table 26.1. At the profit-maximizing output and price, Will's Beach Ball Company will earn a ________ economic profit, and ________ the market will occur.
A. negative; exit from B. positive; entry into C. negative; entry into D. positive; exit from