Refer to the table above. If the opportunity cost of time increases to $60 per hour, renting which apartment will minimize Ryan's total cost every month?
A) 2
B) 3
C) 4
D) 5
D
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A profit-maximizing firm will hire extra units of a resource when
a. marginal resource cost exceeds marginal revenue product b. marginal resource cost is equal to marginal revenue product c. marginal resource cost is less than marginal revenue product d. temporary resource price differentials exceed the marginal resource cost e. the average resource cost and marginal resource cost curves are equal
If the demand for opera singers increases faster than the supply, wages will rise
a. True b. False Indicate whether the statement is true or false
If the economy were producing at point F,
A. it would not be using its resources efficiently.
B. it would be in a recession.
C. it could gain units of guns without having to sacrifice units of butter.
D. it would specializing exclusively in butter production.
Answer the following questions true (T) or false (F)
1. The Federal Reserve could target both the money supply and the interest rate at the same time if it controlled money demand along with money supply. 2. Inflation targeting has been adopted by the central banks of several countries including the European Central Bank. 3. Inflation targeting has typically been accompanied by lower inflation.