Increasing opportunity cost occurs along a production possibilities frontier because
A) resources are not equally productive in all activities.
B) increasing wants need to be satisfied.
C) in order to produce more of one good decreasing amounts of another good must be sacrificed.
D) production takes time.
A
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If a monopolist has zero marginal costs, it will produce a. in the range in which marginal revenue is increasing. b. the output at which total revenue is maximized
c. at the point at which marginal revenue is zero. d. Both (b) and (c).
When union members of Local 654 arrived at work today, they found a sign on the door stating that the business had closed temporarily and the employees were not allowed to work. This is a pressure strategy known as a(n)
A. injunction. B. lockout. C. boycott. D. strike vote.
Figure 17-7
The domestic country is Jamaica.
Refer to . With trade, Jamaica
a.
imports 150 calculators.
b.
imports 250 calculators.
c.
exports 100 calculators.
d.
exports 250 calculators.
Import restrictions due to the imposition of tariffs by the U.S. government
A) will ultimately cause inefficient resource allocation in the United States. B) will lead to lower incomes in the economy of U.S. trade partners. C) will lead to a decline in the quantity of the product consumed in the United States. D) All of the above are likely to occur.