The giving up of a good or activity in order to obtain some other good or activity is called:
a. a tradeoff.
b. a cost analysis.
c. a random choice.
d. an opportunity cost.
e. a sunk cost.
a
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Consider the demand curves for soft drinks shown in the figure above. Suppose the economy is at point a. What of the following could result in a movement to point b?
A) an increase in the price of bottled water B) a decrease in the price of bottled water C) an increase in the opportunity cost of soft drinks D) a decrease in the relative price of a soft drink
Compared with price searchers' markets, price takers' markets are likely to result in
A) less advertising. B) less competition. C) lower output. D) more profit.
Outline the principal sources of the debt crisis
What will be an ideal response?
To economists, feelings such as peace, serenity, religious devotion, and self-esteem are captured in the concept known as _____
a. rational self-interest b. utility c. profit d. total revenue e. surplus