The opportunity cost of something is the nominal price paid for the product.
Answer the following statement true (T) or false (F)
False
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In the presence of compensating wage differentials, explain why the consumption possibility frontier is not a good approximation of the utility possibility frontier.
What will be an ideal response?
John’s Bait Shop was surprised to learn that when it raised prices by 10 percent, total revenue was unaffected. This is because the elasticity for bait is
A. unit elastic. B. inelastic. C. elastic. D. Not enough information is given.
If strong monetary policy stimulus is used to combat a recessionary gap, what will happen?
A. A rapid movement toward lower unemployment and higher inflation B. A rapid movement toward lower unemployment and lower inflation C. A slow movement toward lower unemployment and higher inflation D. A slow movement toward lower unemployment and lower inflation
Advertising can enhance economic efficiency when it:
A. increases brand loyalty. B. raises entry barriers. C. increases consumer awareness of substitute products. D. boosts average total cost.