Refer to the figure above. What is the opportunity cost of producing one computer program?
A) 0.2 Web sites
B) 5 Web sites
C) 8 Web sites
D) 12 Web sites
A
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More bidders increase the selling price in a second-price auction because
a. the true values of the losers is higher b. the true value of the winner is higher c. bidders bid more aggressively d. bidders shade their bids by less
Which of the following is most likely to close a recessionary gap in the economy?
a. A decrease in the expenditure on infrastructure b. An increase in the income tax rate c. An increase in the rate of foreign exchange d. A decrease in money supply e. An increase in the compensation for government employees
A change in demand means there has been a shift in the demand curve, and a change in quantity demanded
A. Means that price has changed and there is movement along the demand curve. B. Means a shortage or surplus will result from holding prices constant. C. Results from a change in price of other goods. D. Also means demand has shifted.
If oranges and grapefruit are close substitutes, an increase in the price of oranges will shift the demand curve of
a. both products to the right. b. both products to the left. c. grapefruit to the right. d. oranges to the left.