The Farm Factory, a booth at the local Farmer's Market, sells fresh eggs for $1.50 per dozen and fresh milk for $2.50 per gallon. What is the opportunity cost of buying a gallon of milk?
A) 1 2/3 dozen eggs
B) 3/5 of a dozen eggs
C) $2.50
D) $1.50
Answer: A
You might also like to view...
The Fed prefers that ________ so that ________
A) banks borrow reserves from each other; banks can monitor each other for credit risk B) banks borrow reserves from each other; the Fed can monitor banks for credit risk C) banks borrow reserves from the Fed; banks can monitor each other for credit risk D) banks borrow reserves from the Fed; the Fed can monitor banks for credit risk
Most innovation comes from universities and governments, which are inherently market driven.
Answer the following statement true (T) or false (F)
A decrease in the price level will _____
a. shift the consumption function upward b. shift the consumption function upward c. result in an upward movement along the consumption function d. result in a downward movement along the consumption function e. shift the consumption function downward
Colin consumes both corned beef sandwiches and steak sandwiches. Corned beef is priced at $5.00 per sandwich and steak sandwiches are priced at $8.00 . Which of the following marginal utility pairs is consistent with Colin's consumer equilibrium at these prices?
a. MU of corned beef sandwich = 1; MU of steak sandwich = 1 b. MU of corned beef sandwich = 1; MU of steak sandwich = 1.6 c. MU of corned beef sandwich = 1.6; MU of steak sandwich = 1 d. MU of corned beef sandwich = 1; MU of steak sandwich = 5