In Figure 1.6, at which of the following points would the opportunity cost of producing one more car be the lowest?
A. D.
B. C.
C. B.
D. F.
Answer: D
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The exchange rate can be influenced by a nation's central bank
Indicate whether the statement is true or false
What happens when there is a sudden increment or decline in the supply of a specific product which affects equilibrium?
a. Capital flight b. Economic equilibrium c. Elasticity of supply d. Supply shock
Consider the supply and demand curves depicted in the diagram below. If the government imposed a price ceiling of $15, then buyers will be intending to buy ___, but they will be able to legally buy ____
A. 30 units; 24 units
B. 36 units; 24 units
C. 36 units; 30 units
D. 24 units; more than 24 units
Corn and beef prices are typically linked because
A. corn is a complement to beef. B. they are alternative outputs. C. corn is an input to beef. D. corn is a substitute for beef.