Using the above table, what is the opportunity cost of moving from alternative C to alternative B?
A) 1/2 a pizza pie
B) 60 pizza pies
C) 90 pizza pies
D) 30 pizza pies
D
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If the price of chocolate chip cookies falls, then
A) the supply curve of chocolate chip cookies shifts rightward. B) the supply curve of chocolate chip cookies shifts leftward. C) there is a movement downward along the supply curve of chocolate chip cookies. D) there is a movement upward along the supply curve of chocolate chip cookies.
The law of increasing additional cost is due to
A) scarcity. B) inefficient use of technology. C) the fact that resources are not perfectly adaptable for alternative uses. D) the fact that there are always alternatives and it is costly to figure out which alternative is best.
The equation of exchange specifies that
A) MsV = PY. B) velocity and money supply are directly related. C) MsP = VY. D) Ms = PVY.
Consider a perfectly competitive market. What do you expect to happen to the number of firms and firm profitability in the short run and long run if demand for the product falls?
What will be an ideal response?