For each additional lamp produced, a constant opportunity cost is incurred in terms of bookshelves. This means that

What will be an ideal response?


for every lamp produced, a constant number of bookshelves is forfeited.

Economics

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If the percentage change in the price of a good is equal to the percentage change in the quantity demanded of that good, then the demand for that good is:

A. inelastic. B. unit elastic. C. elastic. D. perfectly elastic.

Economics

An economy's PPC illustrates the extent to which the economy consumes what it produces

a. True b. False Indicate whether the statement is true or false

Economics

The first step of the four step process is to

a. identify the new equilibrium and then compare the original equilibrium price and quantity to the new equilibrium price and quantity. b. decide whether the economic change being analyzed affects demand or supply. c. draw a demand and supply model before the economic change took place. d. decide whether the effect on demand or supply causes the curve to shift to the right or to the left, and sketch the new demand or supply curve on the diagram.

Economics

In the mortgage securitization process, "tranching" means:

a. Separating mortgage cash flows into securities of varying risks and returns. b.Pooling risks by combining mortgages with high and low credit ratings. c. Creating a whirlpool of speculative activity by offering easy credit terms to borrowers who do not have the capacity repay their loans. d. Creating new incentives for families to own homes. e. None of the above.

Economics