Refer to the accompanying figure. Moving from point C to point B, the opportunity cost of 25 more salads is:
A. 10 pizzas.
B. 5 pizzas.
C. 30 pizzas.
D. 15 pizzas.
Answer: B
You might also like to view...
Answer the following statements true (T) or false (F)
1) In a Dutch auction, participants only observe a single bid. 2) A participant's optimal bidding strategy is dependent on how the product is valued. 3) In a correlated-value auction, the unknown, true value of the auction item is the same for all bidders. 4) If, in an auction with independent private values, a manager values an item at a price that is lower than the item's expected profit, the manager is risk neutral. 5) If an item being auctioned has independent private values, the expected revenue is the same for all auction types.
If the absolute price elasticity of demand is equal to 1 in the short run, then in the long run, other things being equal, the absolute price elasticity of demand will be
A) less than one. B) less than zero. C) greater than one. D) equal to zero.
A firm produces in a perfectly competitive market and hires labor in a perfectly competitive labor market. The firm hires four workers, the marginal product of the fourth worker is 4, and the wage rate is $40 . The firm produces 100 units of the product, which sell for a price of $10 . This firm is
a. maximizing profit when it hires four workers b. not maximizing profit and should hire more workers to increase profit c. not maximizing profit and should hire fewer workers to increase profit d. not maximizing profit when it produces 100 units of the product and should increase production to increase profit e. not maximizing profit when it produces 100 units of the product and should decrease production to increase profit
Economists believe that people are:
A. always risk-seekers. B. always risk-averse. C. generally risk-averse. D. generally risk-seekers.