If Sam's opportunity cost of a sweater is $37, which of the following prices would he have to observe in the market in order to sell a sweater?
A. $37.01
B. $37
C. $50
D. Sam would sell a sweater at any of these prices.
Answer: D
You might also like to view...
Which of the following will take place in the foreign exchange market if there is an increase in the demand for products made in the United States?
A) The supply of dollars will decrease. B) The demand for dollars will decrease. C) The demand for dollars will increase. D) The dollar will decrease in value.
One way to prevent workers from shirking is to
A) hire only workers who are predisposed toward shirking. B) hire only workers who are predisposed toward not shirking. C) reduce monitoring to zero. D) pay workers a fixed fee.
The most liquid asset(s) of all is (are)
a. cash in the hands of the public b. cash in the hands of banks c. demand deposits held by households and businesses at commercial banks d. travelers' checks e. credit cards
Compare two markets. In one market, the HHI is 500, in the other market the HHI is 1,500. What must be true of these two markets?
A. The firms in the market in which the HHI is 1,500 have greater market power than do the firms in the market in which the HHI is 500. B. There are more firms in the market in which the HHI is 1,500 than in the market in which the HHI is 500. C. The firms in the market in which the HHI is 1,500 have less market power than do the firms in the market in which the HHI is 500. D. The market in which the HHI is 500 is, by definition, an oligopoly but the market in which the HHI is 1,500 is not an oligopoly.