In the following table, Ireland's opportunity cost of producing one unit of wheat is
Potatoes and Wheat Output (tons per hour)
| COUNTRY | POTATOES | WHEAT |
| United States | 4 | 2 |
| Ireland | 3 | 1 |
3 tons of potatoes
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If regulators of the local gas and water utility companies require those firms to price their service at marginal cost
A) there would be a deadweight loss in their markets. B) the firms might require a tax-financed subsidy to survive. C) their customers would enjoy no consumer surplus. D) None of the above answers are correct.
A highly technical product is more likely to be sold by mass advertising as it signals to the consumers that the product is of dependable quality
Indicate whether the statement is true or false
Which of the following statements is not correct?
a. Based on studies of human decision making, most people value fairness. b. Based on studies of human decision making, some people's preference are inconsistent over time. c. Government intervention is the best remedy for the problems caused by asymmetric information. d. Advertising can be an example of a company signaling the quality of its products.
In which of the following market structures do you find barriers to entry?
A. a monopoly B. a perfectly competitive market C. a monopolistic competition D. Both a monopoly and a perfectly competitive market are correct