In order to get his bachelor's degree, Timothy gave up an offer for a full time job as a bartender. Therefore, Timothy incurred an opportunity cost.
Answer the following statement true (T) or false (F)
True
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The above figures show the market for HD televisions. If cable television providers lower the price of providing HD cable service, which figure shows the effect of this change?
A) Figure A B) Figure B C) Figure C D) Figure D E) None of the figures represent this change.
Normative analysis is very important to public finance because _____
a. public policy enacted by government is the result of voting by individuals b. positive analysis is full of value judgments c. we should be concerned with how the world works d. voluntary exchanges are economically efficient
Cost-push inflation happens when technological innovation unexpectedly lowers the cost of production, causing increased demand for goods and services
a. True b. False Indicate whether the statement is true or false
To maximize profits, a monopolist produces the quantity by which of the following?
a. Marginal revenue equals average total cost. b. Price equals marginal revenue. c. Marginal revenue equals marginal cost. d. Price equals marginal cost.