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
B
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Taxes change behavior for all of the following reasons except they:
A. alter the incentives faced by market participants. B. drive a wedge between the price paid by buyers and the price received by sellers. C. result in a lower equilibrium quantity of the good or service being consumed. D. increase consumer and producer surplus experienced at market.
When it is cheaper for one firm to produce a particular product, ____ exist(s).
A. economies of scale B. economies of scope C. diminishing marginal returns D. cross-subsidization
Economists have found evidence that differences in wages can be explained by
a. experience b. job characteristics c. physical attractiveness d. All of the above are correct.
If the central bank decreases the supply of money, then the aggregate demand curve will:
a. become steeper. b. shift to the right. c. become flatter. d. shift to the left.