The term opportunity cost refers to
A. The minimum price that a producer will accept for a product.
B. The most a consumer is willing to exchange to get an item.
C. The slope of the demand line for a consumer or slope of the supply line for the producer.
D. All of the choices are correct.
Answer: D
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Would it be right to conclude that the increase in college enrollment has caused the increase in demand for televisions? Why or why not?
The expression, "There's no such thing as a free lunch," implies that
What will be an ideal response?
A study discussed in the Making the Connection feature in the text found that there is ________ that some consumers are not well aware of prices, even for goods they buy regularly
A) no evidence B) substantial evidence C) little evidence D) no reason to believe
Suppose that output in an economy is 1,000 units and the number of hours worked in the economy is 40. What is the value of labor productivity?
A. 1,000 units per worker hour. B. 25 units per worker hour C. 0.04 units per worker hour. D. 125 units per worker hour.