Refer to Figure 2-5. If the economy is currently producing at point W, what is the opportunity cost of moving to point X?
A) 19 million tons of steel B) 5 million tons of paper
C) 9 million tons of paper D) 3 million tons of steel
B
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Refer to Figure 24-3. Suppose the economy is at point A. If the economy experiences a supply shock, where will the eventual short-run equilibrium be?
A) A B) B C) C D) D
We observe that both the price of and quantity sold of golf balls are rising over time. This is due to:
A) continual improvements in the technology used to produce golf balls. B) increases in the price of golf clubs over time. C) decreases in membership fees for country clubs with golf facilities. D) more stringent professional requirements on the quality of golf balls requiring producers to use more expensive raw materials.
Skateboards International of Mavericks Beach, California, was able to sell 20,000 skateboards at a price of $60 last year. This year it is able to sell only 12,000 of the same skateboards at a price of $60. Evidently, Skateboard International has experienced a(n):
a. increase in quantity supplied. b. increase in demand c. increase in supply. d. decrease in demand.
In a perfectly competitive labor market, the total labor cost curve is a straight line starting at the origin
Indicate whether the statement is true or false