Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. Amy's opportunity cost of producing one car is ________ pounds of cheese.
A. 1/250
B. 20
C. 1/20
D. 250
Answer: D
You might also like to view...
Supply can shift due to changes in price.
Answer the following statement true (T) or false (F)
Overuse of a common resource may be avoided by all of the following methods except
A) charging for the use of a common resource. B) government taking over ownership of all private common resources. C) setting quotas or legal limits on the quantity of the common resource consumed. D) issuing tradable permits for the use of a common resource.
Sally is an average shopper, with average income. When she is in the store she buys a few items which cost more than $20, several items which cost between $5 and $20, and many items which cost less than $1 . The price elasticity of Sally's demand for these goods most likely ____
a. increases as the price decreases b. decreases as the price decreases c. increases as the price increases d. decreases as the price increases e. remains constant over all price ranges
Economists would predict that if salaries increased for engineers and decreased for MBAs, fewer people than before would go to graduate school in business and more than before would go in engineering, ceteris paribus
a. True b. False Indicate whether the statement is true or false