The opportunity cost of producing a dining room table refers to the
a. quantity of money required to produce the table
b. quantity of money required to buy the table
c. quantity of other goods that must be given up to produce the table
d. quality of the table
e. use of lumber to produce the table
C
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A shortage occurs when price is higher than the market equilibrium
a. True b. False Indicate whether the statement is true or false
Refer to the accompanying figure. If the current market price were $20:
A. there would be an excess demand of 25 units. B. the market would be in equilibrium. C. there would be an excess demand of 35 units. D. there would be an excess supply of 25 units.
Which does NOT cause an industry that might otherwise be competitive to tend toward oligopoly?
A) economies of scale B) barriers to entry C) mergers D) strategic independence
When a consumer is at the consumer optimum
A. MUa = MUb = MUc = . . . = MUn. B. MUa/Pa = MUb/Pb = MUc/Pc = . . . = MUn/Pn. C. MUa/Pa = MUb/Pb = MUc/Pc = . . . = MUn/Pn = 1. D. TUa = TUb = TUc = . . . = TUn.