The opportunity cost of producing a good or service is the good or service that is foregone by choosing to produce another good with the same resources in a given period of time
a. True
b. False
Indicate whether the statement is true or false
True
Economics
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The break-even quantity is
a. 1250 b. 625 c. 416.67 d. 500
Economics
What should a profit-maximizing monopolist do if she is currently producing where MC < MR?
a. increase output until MC = MR b. decrease output until MC = MR c. shut down in the long run d. keep producing at this level e. operate only in the short run
Economics
What do economists call the practice of hiring workers who may not be necessary?
a. ghost shifting b. featherbedding c. blank contracting d. overstocking
Economics
What is the difference between the absolute and relative concepts of poverty? What are the major problems in measuring poverty with them?
What will be an ideal response?
Economics