If wages for accountants rose, then accountants' leisure time would have a lower opportunity cost
a. True
b. False
Indicate whether the statement is true or false
False
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What is the basic task that economists expect the market to carry out?
A. Deal with the fundamental problem of scarcity B. Balance the government’s budget C. Lessen wants to the level of income available D. Meet all human wants
Refer to Figure 4-4. The figure above represents the market for iced tea. Assume that this is a competitive market. At an output of 30,000 units
A) the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently low. B) producers should raise the price to $3 in order to sell the quantity demanded of 30,000. C) the marginal cost of iced tea is greater than the marginal benefit; therefore, output is inefficiently high. D) the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently high.
Which of the following characteristics apply to both monopoly and monopolistic competition? a. Marginal revenue exceeds marginal cost at equilibrium
b. Average revenue exceeds both marginal cost and marginal revenue at equilibrium. c. Marginal revenue exceeds average revenue at equilibrium. d. Marginal revenue and marginal cost are equal and exceed price at equilibrium.
If the price falls below minimum SRAVC, the quantity supplied by the firm will be
a. the quantity at minimum MC. b. zero. c. the quantity at the point where MC intersects AC. d. the quantity at minimum AC.