While falling prey to the seductive ways of Catwoman, Batman sacrifices the opportunity of protecting Gotham City from a crime spree initiated by the Joker. That foregone opportunity is a(n) ________ cost of (yet again) falling prey to Catwoman
A) monetary
B) explicit
C) sunk
D) implicit
D
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If the equilibrium price of a good decreases and the equilibrium quantity of the good decreases, we can conclude that
A) demand decreased. B) supply increased. C) demand increased. D) supply decreased.
The effect of a change in price on the quantity bought when the consumer remains indifferent between the original and the new situation is called the
A) income effect. B) indifference effect. C) substitution effect. D) demand effect.
Suppose you are a U.S. importer purchasing coffee from Guatemala at a dollar price of $10,000 . If the bank charges $0.12 per quetzal, you would have to buy 120,000 quetzals to settle the account with the Guatemalan exporter
a. True b. False Indicate whether the statement is true or false
Inventors often obtain patents on new products and processes, thereby turning new ideas into
a. private goods and increasing the incentive to engage in research. b. private goods but decreasing the incentive to engage in research. c. public goods and increasing the incentive to engage in research. d. public goods but decreasing the incentive to engage in research.