An individual who is only willing to pay a relatively low amount for a particular good
A) would fall in the upper portion of the demand curve.
B) would fall in the middle portion of the demand curve.
C) would fall in the lower portion of the demand curve.
D) would not be considered part of the demand curve.
C
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Suppose pigs (P) can be fed corn-based feed (C) or soybean-based feed (S) such that the production function is P = 2C + 5S. If the price of corn feed is $2 and the price of soybean feed is $5, what is the cost-minimizing feed combination producing P = 100?
a. C = 50 b. S = 20 c. C = 25, S = 10 d. All points on the P = 100 isoquant, including those listed in a-c would cost the same.
Discuss the three basic types of economic systems
Waiting in line to get a free ticket does not involve any opportunity cost
a. True b. False Indicate whether the statement is true or false
Consumers concentrate on public choices rather than private choices, because information and the time required to acquire and digest it are scarce
Indicate whether the statement is true or false