The reason that opportunity costs arise is that
A. people have unlimited wants.
B. there are no alternative decisions that could be made.
C. an economy relies on money to facilitate exchange of goods and services.
D. resources are scarce.
D. resources are scarce.
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Once the profit-maximizing output where MR = MC is determined, price is set by
A. adding a standard markup percentage to marginal cost. B. the demand curve. C. making it equal to MR = MC. D. subtracting the marginal cost from total revenue.
For which of the following types of firms is the buying and selling of stocks and bonds not a primary function?
A. securities firms B. investment banks C. mutual fund companies D. thrifts
What is the difference between economic profit and normal profit?
What will be an ideal response?