Amy can study for an hour or spend that hour sleeping or going out for dinner. If she decides to study for the hour, the opportunity cost of the hour spent studying is
A) sleeping or going out for dinner, whichever she would have preferred the most.
B) definitely going to slee
A
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Everything else held constant, a decrease in government spending ________ aggregate ________
A) increases; demand B) decreases; demand C) decreases; supply D) increases; supply
An increase in the supply of the product implies:
A. producers will now charge a higher price for a given quantity of output. B. the supply curve will shift to the left. C. the price of this product has increased. D. the supply curve will shift to the right.
If a revenue-maximizing firm is told that the price elasticity of demand is equal to one, it should:
A. raise prices 1 percent. B. lower prices 1 percent. C. raise prices until the elasticity becomes very high. D. keep the price where it is.
A noncooperative game situation may occur when
A) firms collude. B) firms find collusion too costly. C) firms merge. D) firms agree to price fixing.