Seat belts are not cost-effective highway safety devices because so many of them must be installed and go unused that there cost is high
Indicate whether the statement is true or false
F Seat belts are deemed one of the most cost-effective motor vehicle safety devices because they save lives at low cost.
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If production involves increasing opportunity cost, then on the production possibilities frontier, moving to a point closer to the horizontal axis will increase the opportunity cost of
A. the good that is shown on the horizontal axis. B. the good that is shown on the vertical axis. C. both of the goods shown on the axes. D. neither of the goods shown on the axes.
According to your authors, economics
A) alone is not the only, or even the best, perspective to make sense out of the real world. B) can predict real-world phenomena with roughly 85-90% accuracy. C) generates conclusions every reasonable person should accept as true. D) is a false doctrine because individuals have been shown to act non-selfishly.
With fixed costs of $200 . a firm has average total costs of $5 and average variable costs of $3 . Its output is:
a. 100 units. b. 40 units. c. 66.67 units. d. Need more information
A ____ total cost function yields a U-shaped average total cost function
a. cubic b. quadratic c. linear d. a and b only e. a, b, and c