Which of the following most accurately reflects the opportunity cost to a pharmacist who drives a taxi?
What will be an ideal response?
the value of the pharmacist's time in its highest valued use other than driving a cab
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Firms in a monopolistically competitive market follow the same MR = MC profit maximization rule used by firms in other market structures
a. True b. False
Which of the following is most consistent with economizing behavior?
a. If you get the same satisfaction from a hamburger and a fish sandwich, you should purchase the one that costs the most. b. Even if you know how to paint, hiring someone to do the job is consistent with economizing behavior, if your opportunity cost is high enough. c. If the government provides a good free to citizens, the opportunity cost of the good is zero. d. If you get the same satisfaction from going to the opera and going to an art museum, it makes no difference which you choose.
Other things the same, a higher real exchange rate raises net exports
a. True b. False Indicate whether the statement is true or false
Which of the following economic theories focus on aggregate demand to explain changes in unemployment and inflation?
A. Classical and supply-side B. Keynesian and monetarist C. Classical and Keynesian D. Classical but not monetarist