Which of the following quotations best captures the idea of opportunity cost?
A. “Opportunity knocks but once.”
B. “Every choice involves a sacrifice.”
C. “Let’s not ask for the moon; we have the stars.”
D. “Fools rush in where wise men fear to tread.”
E. “All that glitters is not gold.”
Answer: B
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An increase in demand could arise from which of the following factors
a. an increase in income b. a decrease in the price of a substitute c. an increase in the price of a complement d. all of the above
In reality, overall growth and income for the poorest are:
A. highly positively correlated, but not perfectly. B. uncorrelated. C. highly negatively correlated, but not perfectly. D. slightly positively correlated.
In the graph for the relationship between elasticity of the demand and total revenue, we can see that between five and ten units, ______.
a. total revenue is rising and marginal revenue is positive
b. total revenue is rising and marginal revenue is negative
c. total revenue is falling and marginal revenue is positive
d. total revenue is falling and marginal revenue is negative
Refer to the below table for a profit-maximizing firm. The price of the firm's product is $10 per unit and the wage rate is a constant $110 a day. How many workers will the firm hire, assuming purely competitive product and resource markets?
