Refer to the accompanying figure. As the production of pizza increases, the opportunity cost of producing pizza:
A. becomes negative.
B. doesn't change.
C. decreases.
D. increases.
Answer: D
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If the quantity of euro demanded were greater than the quantity supplied, then the price of the
a. euro would rise. b. euro would fall. c. dollar would rise. d. euro would be in equilibrium.
Marginal physical product measures the increase in total output that results from a one-unit increase in an input.
Answer the following statement true (T) or false (F)
If the Japanese price level falls relative to the price level in the United States, then:
a. Japanese buy less U.S. exports. b. the demand for dollars decreases. c. the supply of dollars increases. d. the value of the dollar falls. e. all of these are true.
The debate over the efficiency of markets in which products with brand names are sold
a. is framed by the role of regulation in advertising. b. is likely to be resolved by reference to anecdotal evidence. c. hinges on whether consumers are rational in their choices. d. hinges on the effectiveness of advertising that identifies price differences.