Opportunity cost exists because of
A) poverty.
B) scarcity.
C) greed.
D) self-interest.
Answer: B
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A supply shock causes a shift in:
What will be an ideal response?
If marginal cost becomes higher than price, what happens to a company?
(A) The company will lose money on each additional unit produced. (B) Diminishing marginal returns will shrink production. (C) Company specialization will lower the actual price charged. (D) The company will go out of business.
Among economists, a basic economic policy debate regarding markets is:
A. whether markets ought to have prices. B. what data is available for a model given institutions. C. whether to let economic forces exist. D. what coordinating mechanism will best solve a specific problem.
According to the law of demand, other things being equal
A) when the price a good goes up, then people buy more of that good. B) when the price a good goes down, then people buy more of that good. C) when people's income goes down, then they buy less of a good. D) when people's income goes up, then they buy less of a good.