Figure 2-9
Assume that the publishing industry produces novels and textbooks, as shown in the production possibilities frontier in . Moving from point H to G, the opportunity cost of those five additional textbooks equals
a.
0.5 novels
b.
10 million novels
c.
3 novels
d.
8 novels
e.
2 novels
b
You might also like to view...
Refer to Figure 4-5. The figure above represents the market for pecans. Assume that this is a competitive market. If the price of pecans is $9
A) too many consumers want to buy pecans. B) economic surplus is maximized. C) the quantity demanded is economically efficient but the quantity supplied is economically inefficient. D) the quantity supplied is greater than the economically efficient quantity.
Suppose a union successfully negotiates a wage rate for its members that is above the competitive wage rate, then
A) employment in the union sector will increase. B) the union must find a way to make union workers more productive. C) the union must also negotiate a fringe-benefit package that the membership will like. D) the union must find a way to ration jobs among the excessive number of workers who wish to work at the negotiated wage.
Invention is the act of generating a new idea.
Answer the following statement true (T) or false (F)
What do economists mean when they say ceteris paribus?
What will be an ideal response?