There would be no reason for students to study the concept of opportunity costs if:
A.) The market mechanism functioned to allocate resources.
B.) The government allocated resources.
C.) The production possibilities curve bowed outward.
D.) Resources were no longer scarce.
D.) Resources were no longer scarce.
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Explain the basic idea of the expenditure multiplier and the role consumers play in determining its magnitude
What will be an ideal response?
The CPI bias arises from all of the following items except ________
A. the introduction of new goods and services B. the improved quality of goods C. the goods and services bought by poor people D. consumers' responses to price changes
An option allowing the owner to sell an asset at a future date is a
A) put option. B) call option. C) futures contract. D) forward contract.
Marginal revenue
a. Is the additional revenue incurred by selling one more unit b. Is the total revenue incurred by selling one more unit c. Is the total revenue incurred by selling all the firm's output d. Is the difference between total revenue and total costs