The costs affecting decisions to supply always lie in the
A) future.
B) opportunities already forgone.
C) past.
D) present.
E) surplus between demand and supply.
A
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Suppose angioplasty and coronary artery bypass graft (CABG) surgery are substitute treatment alternatives for coronary artery disease. What should happen to the equilibrium price and quantity of angioplasty procedures if a new CABG technique is introduced that is less invasive (requiring a 4 inch incision under the breast bone rather than cracking open the patient's rib cage) and requires
one-third the recovery period of regular CABG surgery. a. Both price and quantity will increase. b. Both price and quantity will decrease. c. Price will increase and quantity will decrease. d. Price will decrease and quantity will increase. e. The introduction of a new CABG procedure should have no effect on the price or quantity of angioplasty procedures.
Opponents of the minimum wage point out that the minimum wage
a. encourages teenagers to drop out of school. b. prevents some workers from getting needed on-the-job training. c. contributes to the problem of unemployment. d. All of the above are correct.
A budget constraint shows
a. the maximum utility that a consumer can achieve for a given level of income. b. a series of bundles that cost the consumer the same amount of money. c. a series of bundles that give the consumer the same level of utility. d. All of the above are correct.
Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below. CalculatorsPer HourComputersPer HourSmith10010Jones1206
A. consumption possibilities curve. B. production function. C. supply curve. D. production possibilities curve.