The Farm Factory, a booth at the local Farmer's Market, sells fresh eggs for $1.50 per dozen and fresh milk for $2.50 per gallon. What is the opportunity cost of buying a dozen eggs?
A) $1.50 B) $2.50
C) 1 2/3 gallons of milk D) 3/5 of a gallon of milk
D
You might also like to view...
If the union leader has already sent strikers to the picket line before entering negotiations, the union has
a. Eliminated half of the strategies of the game b. Forced the firm to choose the best response in the union's best interest c. Made it in the firm's best interest to accommodate their requests d. All of the above
Farmer Brady sells wheat in a market where sellers are price takers. Which of the following is true in regard to Farmer Brady's production and pricing decisions?
a. Farmer Brady will be able to increase the total revenue from the sale of his wheat if he increases the price of the wheat. b. Since the market dictates the price of his product, Farmer Brady will have no incentive to minimize per-unit production costs. c. Since the market dictates the price of his product, Farmer Brady has no production decisions to make. d. It would be senseless for Farmer Brady to try to increase sales by lowering the price of his product. His entire output can be sold at the market price.
Graphically, consumer surplus is the area below the demand curve and above the price
a. True b. False Indicate whether the statement is true or false
Product differentiation is used by an oligopoly in an effort to gain market share.
Answer the following statement true (T) or false (F)