When an individual is unable to alter or undo a past decision he/she incurs an opportunity cost
Indicate whether the statement is true or false
F
You might also like to view...
The above figure illustrates Mary's production possibilities frontier. Which of the following movements show opportunity costs increasing?
A) point a to point b to point c B) point a to point f C) point f to point a D) point c to point f to point d
If an average cost pricing rule is imposed on the firm in the figure above, the firm will produce
A) 5 units. B) 20 units. C) 30 units. D) 40 units.
Which of the following is LEAST likely to be an outcome of a cartel as compared to the situation before the cartel was formed?
A) Cartel members charge higher prices. B) Cartel members reduce production. C) Cartel members make fewer profits. D) Cartel members do not compete with each other in pricing decisions.
In the graph shown above, equilibrium price is _______.
A. $25
B. $30
C. $35
D. $40