The production given up of the one item is the
What will be an ideal response?
'Opportunity Cost' of producing more of the other item
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The total revenue curve for a firm is given by TR = 2Q.
A. The firm may be a monopolist or a perfectly competitive firm. B. The firm is definitely not a monopolist. C. The firm is definitely a monopolist. D. One cannot tell from the equation what market form applies.
When making investment decisions, investors
a. compare the real interest rates offered on different bonds. b. compare the nominal, but not the real, interest rates offered on different bonds. c. purchase the highest-priced bond available. d. All of the above are correct.
GDP per capita is:
A. the amount of GDP produced per unit of capital equipment. B. GDP divided by the total population. C. the amount of GDP produced by an individual state. D. GDP multiplied by the total population.
Firms 1 and 2 compete in a Cournot duopoly. If firm 2 adopts a strategy that raises firm 1's marginal cost:
A. firm 2 will lose market share. B. firm 1 will enjoy higher profits. C. firm 1 will increase its output. D. None of the statements is correct.