Refer to the scenario above. The opportunity cost of producing one pound of apples in Beta is:
A) 1/2 pounds of oranges. B) 15 pounds of oranges.
C) 10 pounds of oranges. D) 2 pounds of oranges.
A
You might also like to view...
The above figures show the market for HD televisions. If people's incomes increase and HD televisions are a normal good, which figure shows the effect of this change?
A) Figure A B) Figure B C) Figure C D) Figure D E) None of the figures represent this change.
Which of the following is true?
a. If the Australian dollar depreciates, the Australian trade deficit decreases, since Australian products become cheaper to foreigners. b. If the Australian dollar depreciates, the Australian trade deficit decreases, since Australian products become more expensive to foreigners. c. If the Australian dollar depreciates, the Australian trade deficit increases, since Australian products become more expensive to foreigners. d. If the Australian dollar appreciates, the Australian trade deficit decreases, since Australian products become cheaper to foreigners. e. If the Australian dollar appreciates, the Australian trade deficit decreases, since Australian products become more expensive to foreigners.
The market structure called monopolistic competition is named using both monopoly and perfect competition. Why?
a. There are few firms in the market all producing identical products. b. There is just one firm whose product can be easily differentiated. c. There are a huge number of firms selling identical products at the same price. d. There are many firms with easy entry and exit but each firm sells a unique product. e. Firms spend very little on advertising and promotion and thus are price takers.
Which of the following is an example of internalizing an externality?
A) a paper mill that spends money removing the pollution it generated B) a neighbor leaving lots of trash in his front yard C) a student receives $15 for each bright question asked during lecture D) Both A and C.