The opportunity cost of building a park in your hometown would be the
a. money cost of constructing the park.
b. highest valued bundle of other goods and services that must be forgone because of the park construction.
c. necessary increase in tax revenues to finance the construction.
d. amount of time spent in leisure activities in the park once it is constructed.
B
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The bursting of the __________ market was largely responsible for setting off the Great Recession.
Fill in the blank(s) with the appropriate word(s).
A high four-firm concentration ratio implies
A) an absence of product differentiation. B) a presence of product differentiation. C) an absence of competition. D) a presence of competition.
When the demand for a good increases and the supply of the good remains unchanged, consumer surplus
a. decreases. b. is unchanged. c. increases. d. may increase, decrease, or remain unchanged.
In the short run, movement toward a fixed production possibilities curve comes from
A. Increased use of our productive capabilities. B. An increase in population. C. Shifting the aggregate demand curve to the left. D. Expansion of the production possibilities curve.