Refer to the scenario above. The opportunity cost of producing one pound of oranges in Beta is:
A) 1/2 pounds of apples. B) 5 pounds of apples.
C) 2 pounds of apples. D) 1 pound of apples.
C
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Scarcity is defined as the situation that exists when the quantity demanded for a good is greater than the quantity supplied
Indicate whether the statement is true or false
The above figure shows the market demand curve for telecommunication while driving one's car (time spent on the car phone). The current price is $0.35 per minute. If the price were to increase by ten cents per minute, consumer surplus would
A) fall to $820. B) fall by $84. C) fall by $58. D) fall to $369.
If the marginal product of labor is positive and increasing, then the total product of labor curve is
a. constant b. upward sloping and becoming steeper c. downward sloping and becoming flatter d. lies above the total cost curve e. lies below the total cost curve
Which of the following pholitical philosophies would support redistribution of income that makes society fully egalitarian?
a. Liberals, because they believe in the maximin criterion. b. Libertarians, because they believe in evaluating the process by which economic outcomes arise. c. Utilitarians, because they believe in diminishing marginal utility. d. None of the above would support completely egalitarian redistribution of income.