Refer to the information provided in Figure 20.1 below to answer the question(s) that follow.
Figure 20.1Refer to Figure 20.1. The opportunity cost of producing a bushel of alfalfa in Canada is
A. half a bushel of soybeans.
B. 1 bushel of soybeans.
C. 2 bushels of soybeans.
D. zero.
Answer: B
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Ultimately, short-run supply curves are upward sloping because of
a. the irrelevance of fixed costs to the firm's decision making. b. the factor-price effect. c. diminishing marginal returns to the variable inputs. d. the equality of demand and marginal revenue for competitive firms.
Which of the following is true of marginal revenue for a monopolist that charges a single price?
a. P=MR because there are no close substitutes for the monopolist's product.
b. P>MR because the monopolist must decrease price on all units sold in order to sell an additional unit.
c. P
The following table lists the utility that Steve receives from consuming oranges at $0.50 apiece. What is the marginal utility of increasing consumption from two to three oranges?Number of orangesTotal utility001429315420524
A. 5 B. 3 C. 12 D. 6
Define and discuss GDP
What will be an ideal response?