Changes in demand will often be met with changes in output rather than changes in prices because of formal and informal contracts.
Answer the following statement true (T) or false (F)
True
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What does the term "increasing marginal opportunity cost" mean? How are increasing marginal opportunity costs represented on a bowed out production possibilities frontier?
What will be an ideal response?
Anna's Antiques expects to get two bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. What combinations of customers can Anna expect?
a. High value, high value b. High value, low value c. Low value, low value d. All of the above
A common tool for restricting trade through taxation is:
A. a tariff. B. immigration restrictions. C. international waters use policies. D. quota.
Economies of scope exist when:
A. C(Q1) ? C(Q2) > C(Q1, Q2). B. C(Q1) ? C(Q2) < C(Q1, Q2). C. C(Q1) + C(Q2) > C(Q1, Q2). D. C(Q1) + C(Q2) < C(Q1, Q2).