If you have a choice between consuming bundle X or bundle Y, the opportunity cost of consuming bundle X is bundle Y
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
Money as a medium of exchange I. Facilitates the exchange of goods II. Reduces the incentive to barter
A) I only B) II only C) Both I and II D) Neither I nor II
Providing medical services for smaller fees to the poor than to the rich is
a. misplaced charity. b. benevolent pricing. c. price discrimination. d. social pricing.
A tax imposed on the sellers of a good will
a. raise the price paid by buyers and lower the equilibrium quantity. b. raise the price paid by buyers and raise the equilibrium quantity. c. raise the net price received by sellers and raise the equilibrium quantity. d. raise the net price received by sellers and lower the equilibrium quantity.
Recall the Application about the use of fertilizer and its impact on crop yields to answer the following question(s). The table is taken from this Application.
Bags of Fertilizer Bushels of Corn0851120213531444147Based on the data in the table, this Application addresses the economic concept of:
A. the marginal principle. B. the principle of voluntary exchange. C. the principle of diminishing returns. D. the real-nominal principle.