Attending college is a case where the ________________ exceeds the monetary cost.
A. budget constraint
B. marginal analysis
C. opportunity cost
D. marginal utility
Answer: C. opportunity cost
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To have an effect on the market, a price floor should be set at a price
A. above the equilibrium price. B. equal to the equilibrium price. C. below the equilibrium price. D. at any price on the supply curve.
Being too big a firm can be a per se violation of antitrust laws
a. True b. False Indicate whether the statement is true or false
James owns two houses. He rents one house to the Johnson family for $10,000 per year. He lives in the other house. If he were to rent the house in which he lives, he could earn $12,000 per year in rent. How much do the housing services provided by the two houses contribute to GDP?
a. $0 b. $10,000 c. $12,000 d. $22,000
Maximum Feasible Hourly Production Rates (in Tons) of EitherKnives or Forks Using All Available ResourcesProductCountry AlphaCountry BetaKnives93Forks612Use the above table. Assuming constant opportunity costs, if countries Alpha and Beta specialize based on comparative advantage, then
A. Alpha should specialize in forks and Beta should specialize in knives. B. Alpha should specialize in knives and Beta should specialize in forks. C. Beta should produce both items. D. Alpha should specialize in producing both items.