An "opportunity cost" may be described as:
a. the value of what must be gtiven up
b. the opporrtunity foregone
c. the value of the next best alternative
d. the correct measure of cost
e. all of these are correct
a
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The table above gives the values of different expenditures in the United States during 1999. Answer the following questions about the United States
a. What was the value of net exports of goods and services in 1999? b. What was (nominal) GDP equal to in 1999? c. What was the (nominal) value of total production equal to in 1999?
When producers agree to restrict output, raise the price, and increase profits, the agreement is called ________
A) a pricing agreement B) an oligopoly agreement C) a collusive agreement D) a monopoly agreement
A common resource is used efficiently if
A) the output is maximized. B) marginal social benefit equals marginal social cost. C) marginal private benefit equals marginal private cost. D) marginal social benefit is maximized.
A perfectly competitive firm's supply curve is its
A) marginal cost curve above its minimum average fixed cost. B) marginal cost curve above its minimum average total cost. C) marginal cost curve. D) marginal cost curve above its minimum average variable cost.