The prices of related goods matters when determining supply because it affects:
A. the opportunity cost of production.
B. whether or not your good will sell.
C. the competition in the market.
D. the availability of substitute goods.
A. the opportunity cost of production.
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An economic boom predicts the new equilibrium wage would be:
A. lower because the labor demand curve shifts left. B. higher because the labor demand curve shifts left. C. lower because the labor demand curve shifts right. D. higher because the labor demand curve shifts right.
Andrea invests $20,000 in tuition fees for her three years of college education. Had she worked those three years, she could have earned a total of $8,000 . Identify the correct statement from the following
a. The opportunity cost of her college education is $20,000. b. The investment cost of college consists of $20,000. c. The investment cost of her college degree is $28,000. d. The opportunity cost of her college education is $28,000.
If a production process created pollution, then the social cost curve would be:
A. below the market supply curve. B. the same as the original market supply curve. C. zero. D. above the market supply curve.
According to the text, approximately how many countries are members of the WTO?
A) 100 B) 135 C) 160 D) 180