Marginal land is on the borderline of being used in production.
Answer the following statement true (T) or false (F)
True
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The opportunity cost of any decision is the forgone value of the next best alternative that is not chosen.
Answer the following statement true (T) or false (F)
Refer to Figure 7-1. Suppose the government allows imports of leather footwear into the United States. The market price falls to $24. What area represents domestic producer surplus?
A) T + U B) V + W + X + Y C) W + X + Y D) V
If sellers do not adjust their quantity supplied at all in response to a change in price, the price elasticity of supply is
a. zero, and the supply curve is horizontal. b. zero, and the supply curve is vertical. c. infinity, and the supply curve is horizontal. d. infinity, and the supply curve is vertical.
A good is scarce if we must sacrifice something to obtain it.
a. true b. false