Refer to Figure 2-12. What is the opportunity cost of producing one gallon of milk in Bora Bora?
A) 1.5 gallons of honey B) 0.8 gallons of honey
C) 1.125 gallons of honey D) 2/3 of a gallon of honey
A
You might also like to view...
If a city has 3293 unemployed people and 73,177 in its labor force, then the city's unemployment rate equals
A) 45.0%. B) 4.5%. C) 4.3%. D) 0.45%.
With regard to preventing entry, if identical firms act simultaneously,
A) they cannot credibly threaten each other. B) they will all incur losses. C) only one firm will enter the market. D) none of them will enter the market.
Structures in the economy increase aggregate demand when the economy is in recession and decrease aggregate demand when the economy is inflationary are known as:
A. tax transfers. B. automatic stabilizers. C. accelerators. D. depreciation.
If price = marginal cost at the output produced by a perfectly competitive firm and the firm is earning an economic profit, then
A) marginal revenue is less than price. B) average total cost is at a minimum. C) total revenue equals total cost. D) price exceeds average total cost.