Based on the figure below, what would be the opportunity cost in terms of wings when producing 20 more pizzas if the economy is efficiently producing 150 wings and 50 pizzas?
What will be an ideal response?
60 wings
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In the figure above, when society moves from point D (production of 50 pizzas) to point C (production of 70 pizzas), it goes from producing 150 wings to producing 90 wings, therefore giving up 60 wings. This is the opportunity cost of producing 20 more pizzas.
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Table 7-4 ? 6 346 490 600 692 775 846 ? 5 316 448 548 632 705 775 ? 4 282 400 490 564 632 692 CAPITAL 3 245 346 423 490 548 600 ? 2 200 282 346 400 448 490 ? 1 141 200 245 282 316 346 ? 0 1 2 3 4 5 6 ? LABOR ? ? ? ? ? Table 7-4 shows a production relationship. The cost of one day of labor is $65 and the product price is $1 per unit. How much will the labor input increase if the capital stock were increased from 3 to 4?
A. From 3 to 4 B. From 4 to 5 C. From 4 to 6 D. Stays the same
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All of the following are causes of structural unemployment except _____.
(A) Inventing new ways of doing things. (B) Falling of the stock market. (C) Relocating jobs to other countries. (D) Discovering new resources.
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