If the opportunity cost of producing more of one good increases as more of that good is produced, then the production method is inefficient
Indicate whether the statement is true or false
FALSE
You might also like to view...
The price of beef increased by 20 percent and the quantity supplied increased by 10 percent. The supply of beef is
A) elastic. B) perfectly elastic. C) perfectly inelastic. D) inelastic. E) unit elastic.
In John Rawls’ A Theory of Justice, people choose the rules for distributing income from behind a veil of ignorance. People understand that ability determines income, but they do not know their abilities or the abilities of others. Rawls argues that people are risk averse and will choose the distribution rule that maximizes their income in the worst-case scenario (they have relatively little ability). An economist would call this strategy
A. minimax. B. maximin. C. irrational. D. tacit collusion.
Which of the following goods is likely to have the most price inelastic demand?
a. margarine b. Tide detergent c. cigarettes d. Coca-Cola e. ground beef
Profit is the difference between
A) marginal revenue and marginal cost. B) total revenue and variable cost. C) total revenue and total explicit cost. D) total revenue and total cost.