The expression, "There's no such thing as a free lunch," implies that
A) no one has time for a good lunch anymore.
B) opportunity costs are incurred when resources are used to produce goods and services.
C) everyone has to pay for his own lunch.
D) the person consuming a good must always pay for it.
B) opportunity costs are incurred when resources are used to produce goods and services.
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Marginal cost can be defined as the change in
A. cost resulting from one less unit of production. B. benefit resulting from one more unit of production. C. benefit resulting from one less unit of production. D. cost resulting from one more unit of production.
In the monetary intertemporal model, the long-run effects of an increase in the level of money include
A) an increase in employment. B) lower output. C) higher real wages. D) higher nominal wages.
Refer to Figure 17.4. A long-run increase in productive capacity for the economy can be illustrated by a move from point
A. E to point A. B. A to point B. C. A to point C. D. C to point D.
Economists assume that
A) individuals behave in unpredictable ways. B) consumer behavior is explained by the existence of unlimited resources. C) people put other people's interests ahead of their own. D) optimal decisions are made at the margin.