If all goods are essential for everyone, efficiency requires that everyone get at least some of each good.
Answer the following statement true (T) or false (F)
False
Rationale: It would be efficient to give everything to a single person.
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Why would it be a mistake to treat opportunity costs and explicit monetary costs as identical?
A. Because sometimes the market does not function well. B. Because opportunity costs are different for different goods. C. Because there are trade-offs involved in any decision. D. Because of existence of efficient markets.
Refer to the table above. What is the marginal rent cost if the firm decides to choose factory Very Close over factory Close?
A) -$100 B) -$200 C) $100 D) $200
Which of the following is the correct way to compute the future value of $X that earns r percent interest for N years?
a. $X(1 + rN)N b. $X(1 + r)N c. $X(1 + rN) d. $X(1 + r/N)N
When advertisers try to build brand loyalty they are trying to make their product more _______.
Fill in the blank(s) with the appropriate word(s).