If Linda's income goes up, she will consume more of all normal goods.
Answer the following statement true (T) or false (F)
True
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Implicit costs are costs that:
A. require a firm to spend money. B. represent forgone opportunities. C. do not depend on the quantity of output produced. D. depend on the quantity of output produced.
Repeated games can lead to tacit collusion
a. True b. False Indicate whether the statement is true or false
In some countries, brand name fast-food restaurants are not allowed to operate. Such restrictions are likely to
a. enhance the social welfare of society. b. increase the number of fast-food restaurants. c. reduce barriers to entry in imperfect markets. d. reduce the competitive nature of local fast-food markets.
Assume that Dusty has $30 in income, the price of a loaf of bread is $1.50, and the price of a jar of peanut butter is $3. Dusty can buy a maximum of ________ loaves of bread or a maximum of ________ jars of peanut butter.
A. 10; 20 B. 15; 15 C. 20; 10 D. 10; 5