If each of us relied exclusively on the market to determine what to buy, we would probably end up with few, if any:
a. streetlights.
b. strawberries.
c. CDs.
d. raincoats.
e. televisions.
a
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Comparative advantage implies that you
A) can produce more units of a good or service than another. B) can produce a good or service at a lower opportunity cost. C) can produce goods with more capital resources. D) can produce goods with more human resources.
When new goods are introduced, consumers have more variety from which to choose. As a result, each dollar is worth
a. more, and the cost of living increases. b. more, and the cost of living decreases. c. less, and the cost of living increases. d. less, and the cost of living decreases.
A perfectly elastic demand:
A. is demonstrated by a vertical demand curve. B. has a price elasticity of -1. C. means consumers are extremely sensitive to a change in price. D. means quantity demanded is unchanged if the price changes by any amount.
Refer to the above table. At what quantity of labor does the marginal cost curve start to increase?
A. after 1 unit B. after 3 units C. after 6 units D. after 2 units