If we choose more work we sacrifice leisure
a. True
b. False
Indicate whether the statement is true or false
True
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An increase in price will increase supply.
Answer the following statement true (T) or false (F)
The value of one more unit of a good or service is its marginal benefit
Indicate whether the statement is true or false
The conditions in which vertical relationships can enhance a firm's ability to price discriminate include
a. the manufacturer's product is of value to just one type of customer b. the costs of arbitraging the price difference across markets is large c. the manufacturer acquires the distributer in the lower priced market d. competition provides little ability for the manufacturer to price above marginal cost
The production possibilities frontier can be used to illustrate all of the following concepts, except one. Which is the exception?
a. productive inefficiency b. opportunity cost c. the law of demand d. scarcity e. the law of increasing opportunity costs