Refer to the given data. The domestic opportunity cost of 1 fish in Landia is:
Answer the question on the basis of the following production possibilities data for Landia and Scandia:
A. 10 chips.
B. 2 chips.
C. 4 chips.
D. 5 chips.
D. 5 chips.
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Suppose that you are the president of a small printing company and you are considering the purchase of new machinery. What factors must you consider in making this decision?
What will be an ideal response?
Which one of the following would cause an increase in the supply of cardboard?
A) a decrease in the demand for cardboard B) an increase in the price of cardboard C) an increase in taxes applied to cardboard producers D) an improvement in the technology used to produce cardboard
Which of the following is not a characteristic of the monopolistic competition market structure?
a. Many sellers, each small in size relative to the overall market. b. Few sellers. c. Differentiated product. d. Easy, low-cost entry and exit.
Ad valorem taxes
A. are based on income levels. B. are paid as a fixed percentage of a good's unit price. C. are not used in the United States. D. are accessed based on the costs of producing the goods or services.