According to opportunity-cost theory, if the public lost most of its interest in spectator sports,
A) athletes would have to charge more for their services in order to survive.
B) the cost of hiring professional athletes would fall.
C) the cost of hiring professional athletes would rise.
D) the cost of hiring professional athletes would remain the same.
B
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Suppose a market basket of goods and services costs $400 in the base year and the consumer price index (CPI) is currently 125 . This indicates the price of the market basket of goods is now:
a. $275. b. $425. c. $500. d. $525.
The amount by which the quantity demanded exceeds the quantity supplied at a given price is a
A. Balance-of-payments surplus. B. Market surplus. C. Balance-of-payments deficit. D. Market shortage.
Economists call a production period that is too brief for some of the inputs to be varied the ______.
a. short run b. long run c. fixed term d. fiscal year
A corrective tax on steel would ______.
a. raise the deadweight loss b. raise the demand c. raise the price d. raise the supply