Refer to Figure 2-6. If the economy is currently producing at point A, what is the opportunity cost of moving to point B?
A) 60 thousand spoons B) 46 thousand forks
C) 16 thousand spoons D) 12 thousand forks
D
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Fill in the blank: Firms in a so-called perfectly competitive market would face a(n) ________ demand curve for their product
A) horizontal B) upward-sloping C) vertical D) downward sloping
If K-12 education is determined to be an inframarginal positive externality, this means that K-12 education is being underproduced
a. True b. False
Suppose Bob leaves his $50,000-a-year job as a financial advisor to P.E.T.S. and starts his own business selling spot remover for Dalmatians. In the first year his accounting profit is $70,000 . Based on this level of success, Bob should
a. return to his old job because his economic profit is negative b. return to his old job because his economic profit is smaller than his accounting profit c. return to his old job because his economic profit is less than his old salary d. stay with his new firm because his economic profit is positive e. stay with his new firm because accounting profit is positive
To avoid wage compression,
A) employees probably need to change companies. B) employees need to speak to their supervisors. C) employees need to sign a deferred compensation contract. D) managers need to pay above the minimum wage.