Opportunity cost is:
A) zero for the use of a free combo meal offer.
B) the dollar payment for a product.
C) the benefit derived from a product.
D) the value of the best alternative forgone in making any choice.
Ans: D) the value of the best alternative forgone in making any choice.
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An increase in technology ________ potential GDP and ________ aggregate supply
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases E) does not change; does not change
If in some range of production average cost is falling, the firm is experiencing
a. increasing returns to scale. b. decreasing returns to scale. c. constant returns to scale. d. increasing costs per unit of output.
money in the United States includes
What will be an ideal response?
The economic inefficiencies of monopolistic competition may be offset by the fact that:
A. advertising expenditures shift the average cost curve upward. B. available capacity is fully utilized. C. resources are optimally allocated to the production of the product. D. consumers have increased product variety.