Sailing an ocean cargo ship slower to save on the expense of fuel as opposed to sailing it faster to save time and therefore allow it to make more deliveries makes sense if the ________ of sailing slower is less than the ________ of sailing slower
A) marginal benefit; opportunity cost B) marginal cost; opportunity cost
C) marginal benefit; marginal cost D) marginal cost; marginal benefit
D
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What is meant by holding all else equal? How is this concept used when discussing movements along the demand curve? How is this concept used when discussing movements along the supply curve?
What will be an ideal response?
Refer to Table 2-4. Assume Dina's Diner only produces sliders and hot wings. A combination of 50 sliders and 50 hot wings would appear
A) along Dina's production possibilities frontier. B) inside Dina's production possibilities frontier. C) outside Dina's production possibilities frontier. D) at the vertical intercept of Dina's production possibilities frontier.
The ease with which an asset can be converted into the medium of exchange is known as _____
Fill in the blank(s) with correct word
If the government wants to increase economic efficiency, it should:
A. never subsidize goods. B. subsidize goods that entail positive externalities. C. tax goods that entail positive externalities. D. never tax goods.