For every choice a person makes it can be assumed that
A. some opportunity cost was involved.
B. a good is involved and satisfaction is gained.
C. the chooser has full knowledge of the situation.
D. there is a fifty-fifty chance the choice was the wrong one.
Answer: A
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Jane's opportunity cost of producing 1 pound of corn is ________ pound(s) of green beans.
A. 4 B. 2 C. 1/2 D. 1
Marketing refers to all the activities necessary for a firm to sell a product to a consumer
Indicate whether the statement is true or false
The marginal rate of substitution is the slope of the budget constraint
a. True b. False Indicate whether the statement is true or false
Marginal physical product of the first worker is 100, 120 for the second, 80 for the third, 30 for the fourth, 5 for the fifth, 3 for the sixth, 2 for the seventh, 1 for the eighth, and 0 for the ninth. What is total product for the fifth worker and the
ninth worker respectively? A) 335; 341 B) 335; 0 C) 5; 0 D) 0; 5