If at the current output of X the PX < MCX, then society gains by
A. increasing the cost of producing X.
B. producing more X.
C. lowering the price of X.
D. producing less X.
Answer: D
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A ticket to an Eric Clapton concert costs $45. If you have a ticket, you can “scalp” it (sell it illegally) for $75. To a ticket holder, the opportunity cost of actually attending the concert is
A. $45. B. $50. C. $75. D. $115.
If good growing conditions increase the supply of strawberries and hot weather increases the demand for strawberries, the quantity of strawberries bought ________
A) increases and the price might rise, fall or not change B) increases and the price rises C) doesn't change and the price falls D) doesn't change and the price rises
Average total cost equals
a. change in total costs divided by quantity produced. b. change in total costs divided by change in quantity produced. c. (fixed costs + variable costs) divided by quantity produced. d. (fixed costs + variable costs) divided by change in quantity produced.
An entrepreneur is:
A. an employee in a factory. B. the manager of a factory. C. the person who conceives and starts a business. D. the person who does not assume any risk in business.