Whenever the economy is producing the maximum amount of goods given the level of technology and the amount of resources
A. the number of resources used should be decreased since society must protect its scarce resources.
B. the concept of opportunity costs does not exist.
C. the economy is producing efficiently.
D. more goods will be available than customers want to buy.
Answer: C
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One of the major reasons why the United States exports jet airplanes is because Boeing faces ________ opportunity cost compared with firms in other nations in the production of such aircraft
A) a higher B) an unrelated C) a lower D) a nonexistent E) an identical
Alpha Corp . and Beta Corp . are the only firms in an industry. It is found that Alpha loses its entire market share to Beta when Beta lowers its price. What is the optimum pricing strategy for Alpha?
What will be an ideal response?
A public good is
A. a good that the public must pay for. B. nonexcludable in consumption. C. more costly than a private good. D. paid for by the government.
Advertising is likely to
A. shift the firm's average total cost curve upward and make demand more elastic. B. shift the firm's average total cost curve downward and make demand more elastic. C. shift the firm's average total cost curve upward and make demand more inelastic. D. shift the firm's average total cost curve downward and make demand more inelastic.