As more of a good is produced, its opportunity cost tends to increase because resources are not equally efficient at producing all goods
a. True
b. False
Indicate whether the statement is true or false
True
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In the business cycle, what immediately precedes the time when real GDP is falling?
A) depression B) peak C) recession D) expansion E) trough
When a nation first begins to trade with other countries and the nation becomes an exporter of soybeans,
a. this is an indication that the world price of soybeans exceeds the nation's domestic price of soybeans in the absence of trade. b. this is an indication that the nation has a comparative advantage in producing soybeans. c. the nation's consumers of soybeans become worse off and the nation's producers of soybeans become better off. d. All of the above are correct.
Studies have found that there is a relationship between height and productivity. Briefly explain
Figure 9.1 shows the cost structure of a firm in a perfectly competitive market. If the market price is $40 and the firm is currently producing the profit maximizing output level, the firm's profit is:
A. $7,200. B. $9,000. C. $27,000. D. $36,000.