If you enjoy playing golf, the opportunity cost of cleaning your room
a. is the same on sunny days as it is on rainy days
b. is greater on sunny days than it is on rainy days
c. is smaller on sunny days than it is on rainy days
d. does not change with the weather conditions
e. is equal to the opportunity cost of any other chore you have to do that day
B
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A sudden fall in the market demand in a competitive industry leads to
a. A short run market equilibrium price higher than the original equilibrium b. A market equilibrium price higher than the short run price c. New firms entering the market d. All of the above
Which of the following is not true about gross domestic product (GDP)? a. It includes only final goods and services
b. It reflects production in a particular year. c. Intermediate goods and services are excluded to prevent double counting. d. It excludes purchases of financial assets. e. It includes transfer payments.
When disposable income is zero, consumption is also zero
a. True b. False Indicate whether the statement is true or false
For a monopoly firm,
a. price always exceeds average revenue. b. price always exceeds marginal revenue. c. any price-quantity combination will maximize profits. d. All of the above are correct.