Every economic decision involves a trade-off because of
a. theory.
b. opportunism.
c. consumption.
d. scarcity.
e. efficiency.
d
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A perfectly competitive firm has no control over the
a. quantity of output produced b. quantities of inputs used c. price of the product d. type of good produced e. types of inputs used
Which of the following is the term describing very similar products being exported and imported by trading partners?
a. reciprocal trade b. imperfect competition c. intra-industry trade d. inter-industry trade
Explain how Steve Jobs was able to make an economic profit with his company, Apple Computers
What will be an ideal response?
A payment for the use of an input that exceeds the opportunity cost of the input is known as
A. real interest. B. economic profit. C. economic cost. D. economic rent.