Refer to the accompanying table. Julia's opportunity cost of making a cake is: Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. 5/6 of a cake.
B. 60 cakes.
C. 6 cakes.
D. 6/5 of a cake.
Answer: D
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The above table shows Priscilla's marginal utility from the two goods she consumes, pizza and Pepsi. Initially, a slice of pizza costs $4 and a can of Pepsi $2. Suppose Priscilla has $12 to spend
If the price of pizza falls to $2, Priscilla will choose to A) consume more pizza. B) consume more Pepsi. C) consume less pizza. D) Both answers A and B are correct.
If Korea imposes an import quota on U.S. oranges, losers include Korean _______ of oranges and U.S. ______ of oranges
A. consumers; consumers B. consumers; producers C. producers; consumers D. producers; producers
The effects of airline deregulation in the early to mid-1980s included all of the following except the
a. dropping of unprofitable routes b. development of the hub-and-spoke system c. establishment of new commuter lines d. raising of airline fares e. bankruptcy of some airlines
Recall the Application about the price and supply of blueberries to answer the following question(s).According to the Application, the upward jump of the price of blueberries from 2005-2007 followed by the drop in the price of blueberries to $1.44/ lb. shows that blueberries are in a/an:
A. constant-cost industry. B. an increasing-cost industry. C. a decreasing-cost industry. D. zero-cost industry.