Based on the above table, as the production of pizza increases, the opportunity cost of pizza in terms of forgone cases of soda
A) increases.
B) decreases.
C) does not change.
D) initially increases then decreases.
A
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____________________ - a perfectly competitive price system will bring about an economically efficient allocation of resources
Fill in the blank(s) with the appropriate word(s).
Number of WorkersTotal ProductMarginal Product00-1882 10325 430 5 3634 Refer to the above data. The marginal product of the fourth worker:
A. is 7. B. is 71/2. C. is 5. D. cannot be calculated from the information given.
The figure below shows the market for MP3 players in a small country. Dd and Sd are the domestic demand and domestic supply curves of the MP3 players. QQ is the quota quantity. The quota on MP3 players will cause domestic producers to
A. gain $150 million. B. gain $110 million. C. lose $120 million. D. lose $100 million.
Open economies grow more slowly than closed economies
Indicate whether the statement is true or false