Sandra routinely uses currency to purchase her groceries. She is using money as a medium of exchange
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to the scenario above. The opportunity cost of producing one pound of apples in Zeta is:
A) 0.67 pounds of oranges. B) 2 pounds of oranges. C) 1.5 pounds of oranges. D) 3 pounds of oranges.
A multiplant firm has equated marginal costs at each plant. By doing this
A) profits are maximized. B) costs are minimized given the level of output. C) revenues are maximized given the level of output. D) none of the above
The balancing of marginal costs and marginal benefits to obtain an efficient outcome is known as the equimarginal principle.
a. true b. false
A decrease in demand is shown graphically by a:
a. Downward movement along the demand curve b. Decrease in the cost of production c. Movement up along the demand curve d. Shift of the demand curve to the left