According to the graph shown, the market price is:
A. $15
B. $9
C. $11
D. $20
A. $15
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When inflation causes the absolute prices of all commodities to rise, what happens to the relative prices of those commodities?
a. The relative prices also rise. b. When absolute prices rise, the corresponding relative prices fall. c. The relative prices are unaffected by changes in absolute prices. d. No prediction can be made about changes in relative prices.
What is the total cost at the break-even quantity calculated above?
a. $750 b. $1000 c. $1500 d. $2000
Most goods are:
A. exclusive. B. public goods. C. rival in consumption. D. nonrival in consumption.
A particular music store, Discs-R-Us, sells over 3,000 different compact disks. Pat's opportunity cost of choosing to purchase a compact disk by Pearl Jam
a. is zero if he does not like any other compact disk b. is how much he would have enjoyed his second-favorite compact disk c. depends on the compact disks not sold by the store d. is negative e. is how much he would have enjoyed a compact disk by Vanilla Ice