As long as the value of additional units of output exceed the opportunity cost of that output, _____
a. it will not be produced
b. it likely will not be produced
c. it will be produced
d. it is likely to be produced
c
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Were the price of gasoline to permanently increase by 10% overnight and stay there for the foreseeable future. Other things constant,
A) the demand for gasoline would fall immediately. B) the quantity demanded for gasoline would fall immediately. C) the quantity demanded for gasoline would fall more dramatically over time D) the quantity demanded for gasoline would remain unchanged, because cars can only be run on gasoline.
Which of the following best illustrates the fallacy of composition? a. If I have more money, I will be better off; therefore if we all had more money, we all would be better off
b. If I buy more gas each week, my gas consumption increases; therefore, if all gas consumers buy more gas each week, total gas consumption will increase. c. If I spend more time studying, I will learn more; therefore, if all students spend more time studying, they will learn more. d. If women's hemlines are higher this year, the Dow Jones Industrials average will fall.
The process of focusing on only the most important factors to explain a phenomenon is called
a. abstraction. b. marginal analysis. c. rational choice. d. controlled experimentation. e. the trade-off between efficiency and equality.
Barney Oats Co produces 5 varieties of flavored oats. A market survey done by the company revealed that its competitor Sloan co. had a larger share in the market. It was found out that Barney's share of output was one-tenth that of Sloan Co Immediately
afterward, the CEO of Barney Oats decided to reduce the number of flavors and reassign tasks to workers based on their skills. Will the manager's decision increase the output of Barney Oats? Give reasons to support your answer.