Opportunity costs would be increased by
a. firing all workers and moving the plant to China
b. removing all of the safety features from factory machinery
c. an across the board increase on all products
d. switching from producing one product to another
Ans: d. switching from producing one product to another
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U.S. currency continues to be backed by the gold standard to this day
Indicate whether the statement is true or false
All of the following are true regarding a production quota EXCEPT:
A. a production quota imposes limits on the quantity that individual firms can produce. B. a production quota is a way to raise prices without causing the overproduction that occurs under a price support program. C. a production quota places limitations on supply. D. a production quota does not lead to a deadweight loss.
Oligopoly describes a market with:
A. many sellers. B. one seller. C. only a few sellers. D. few or many sellers, but only one buyer.
Corporations obtain funds when their previously issued stock is traded
a. True b. False Indicate whether the statement is true or false