In the above table, for Mary the opportunity cost of producing a dress is ________, and the opportunity cost for Mark of producing a dress is ________
A) 1 1/2 jackets; 2/3 of a jacket
B) 1 1/2 jackets; 2 1/2 jackets
C) 1 1/4 jackets; 1/2 of a jacket
D) 1 jacket; 1 jacket
E) 1 dress; 1 dress
A
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The relationship between money supply, output, and the overall level of prices is illustrated by the:
A. classical theory of inflation. B. neutrality of money. C. aggregate price level. D. measure of real output.
Explain the concept of externality and give an example
If the law of diminishing marginal product holds true and workers emigrate from Haiti, the wage rate of workers who remain in Haiti would be expected to:
A. fall because fewer workers are working with the same amount of capital. B. rise because fewer workers are working with the same amount of capital. C. rise because more workers are working with the same amount of capital. D. fall because more workers are working with the same amount of capital.
At an output of 6, ATC = $30, MC = $25, MR = $25. At that output the firm is
A. maximizing its profits. B. minimizing its losses. C. operating at its break-even point. D. operating at its shutdown point.