The opportunity cost of any decision is the forgone value of the next best alternative that is not chosen
a. True
b. False
Indicate whether the statement is true or false
True
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If a firm produces five chairs with marginal costs of $25, $30, $40, $55, and $75, respectively, and sells them for $80 each, what is the firm's total producer surplus?
A) $400 B) $225 C) $175 D) $150 E) $80
In a successive monopoly structure, if distributor has a constant marginal cost of $5 and is paying the producer $12 per unit, which is the profit-maximizing wholesale price, what is the distributor's marginal revenue at this output level?
A) $7 B) $17 C) $12 D) $5
Which of the following supply-side efforts was embraced by the second Bush administration in 2001?
A. Reduction in marginal tax rates. B. Reduction of the deficit. C. Reduction in spending on infrastructure. D. Increase in government environmental regulations.
Refer to the data provided in Table 17.5 below to answer the following question(s). The table shows the relationship between income and utility for Lucy. Table 17.5 IncomeTotal Utility $00$10,00010$20,00020$30,00030$40,00040Refer to Table 17.5. From the table, we can see that Lucy is
A. risk-loving. B. risk-averse. C. risk-neutral. D. We cannot determine Lucy's attitude toward risk from the table.