What is the opportunity cost of moving from point B to point C?
2 milk shakes
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In the Keynesian money market, velocity is
a. negatively related to the interest rate. b. independent of the interest rate. c. positively related to the interest rate. d. is positively related to the money supply. e. is not related to the interest rate but income.
A recession is most commonly caused by:
a. an increase in aggregate demand. b. a decrease in aggregate demand. c. an increase in aggregate supply. d. a decrease in aggregate supply.
Any costly activity firms undertake to protect their monopoly status is referred to as
a. market power b. price-setting behavior c. rent seeking d. economies of scale e. legal intervention
At a price above the breakeven point of a perfectly competitive firm, the firm will suffer losses in the short run
a. True b. False Indicate whether the statement is true or false