In many cases, it is reasonable to refer to the ________________ as the price.
a. budget constraint
b. sunk cost
c. opportunity cost
d. budget constraint
c. opportunity cost
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Given a downward-sloping linear demand curve, if total revenue decreases as quantity of output increases, marginal revenue must be ________.
A. positive and demand is inelastic B. negative and demand is inelastic C. negative and demand is elastic D. positive and demand is elastic
The most accurate procedure for finding out whether it is more efficient for a commercial airline to use 727s or 757s for its domestic flights is to
A) compare the fuel efficiency of 727s and 757s. B) compare the fuel efficiency and operating cost of 727s and 757s. C) compare the acquisition cost, operating cost, and fuel efficiency of 727s and 757s. D) compare the acquisition cost, operating cost, and fuel efficiency per passenger seat of 727s and 757s. E) see whether the airline has chosen to use 727s or 757s.
When OPEC caused the price of oil to rise in the early 1970s, the:
a. aggregate supply curve shifted to the right. b. aggregate supply curve shifted to the left. c. aggregate demand curve shifted to the right. d. aggregate demand curve shifted to the left. e. price level in the economy fell.
When something is indexed:
A. its value is automatically adjusted in proportion to the cost of living. B. it is expressed as nominal value multiplied by price index. C. its real value is converted into nominal terms for comparison. D. its relative rank in consumption items is compensated for relative to its cost.