In the above figure, the opportunity cost of moving from point D to point C is
A. 55 guitars.
B. 25 ukuleles.
C. 20 guitars.
D. 50 ukuleles.
Answer: B
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Refer to Figure 12-8. Suppose the firm produces 4,000 units. What does the shaded area labeled B represent?
A) the firm's economic loss B) average variable cost C) total fixed cost D) total variable cost
Internationally, the TRIPS agreement is uniformly regarded as a positive step for world prosperity
Indicate whether the statement is true or false
In a perfectly competitive market, the driving force behind long-run economic change is
a. government intervention b. employment c. economic profit or loss d. management e. altruism
"I'm tired of eating cold pizza for breakfast. Today I'm going to the make some oatmeal instead." This statement most clearly reflects the
a. law of increasing returns to scale. b. second law of demand. c. law of diminishing marginal utility. d. law of comparative advantage.