Opportunity cost is usually measured in terms of money
Indicate whether the statement is true or false
FALSE
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The figure above shows Lauren's demand curve for Barbie dolls and the market price for Barbie dolls. In order for Lauren to avoid paying more for dolls than they are worth to her, she must not purchase any more than
A) 0 dolls. B) 1 doll. C) 3 dolls. D) 5 dolls. E) 4 dolls.
Patents provide a firm with a monopoly on a given product. What is the economic rationale for granting patents?
What will be an ideal response?
Which of the following is true about a differentiated-product Bertrand duopoly?
A. Firm 1 and firm 2's reaction functions are downward sloping. B. Firm 1 and firm 2's reaction functions are upward sloping. C. In a differentiated-product Bertrand duopoly neither firm has a reaction function. D. Firm 1's reaction function is downward sloping but firm 2's reaction function is upward sloping.
Jimmy Earl, a farmer, sells $20 worth of peanuts to a factory that manufactures peanut butter, which sells it for $45 . Which of the following is true?
a. Total value added is $65 b. The value of final sales is $65. c. The value of final sales is $25. d. Total value added is $25. e. Total value added is $45.