Opportunity cost is the combined value of all other alternatives that go unchosen
a. True
b. False
Indicate whether the statement is true or false
False
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If the elasticity of demand were positive what would this imply about the shape of the demandcurve? Why is it that we are unlikely to find a price elasticity of demand with a positive value?
What will be an ideal response?
A movie theater can increase its profits through price discrimination by charging a higher price to adults and a lower price to children if
a. adults buy more popcorn than children. b. the cost of showing a movie to children is less than the cost of showing a movie to adults. c. it has some degree of monopoly-pricing power. d. All of the above are correct.
If the United States buys inputs from France and the dollar appreciates relative to the euro, then Americans will have to pay ________________ for foreign inputs, and the U.S. SRAS curve will shift __________________
A) less; rightward B) less; leftward C) more; rightward D) more; leftward
Consider an industry that is in long-run equilibrium. An increase in demand leads to an increase in the price of the good. We know that this is
A. a decreasing-cost industry. B. a constant cost industry. C. an increasing-cost industry. D. not a competitive industry.