Time has a positive value for most people, but their opportunity costs of time differ
a. True
b. False
A
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The principle that pulls down the average cost (ATC), and then, as output continues to expand, pulls it up, is
a. lower prices and then higher prices. b. rising and then diminishing marginal returns. c. lower average fixed cost and then higher average fixed cost. d. lower resource prices and then higher resource prices.
Refer to Figure 15-18 to answer the following questions
a. What quantity will this monopoly produce and what price will it charge? b. Suppose the government decides to regulate this monopoly and imposes a price ceiling of $25. Now what quantity will the monopoly produce and what price will it charge? c. Will every consumer who is willing to pay the ceiling price of $25 be able to buy the product? Briefly explain.
If the Fed wants to raise interest rates, then it can use its open market operations to:
a. increase the money supply. b. decrease the money supply. c. increase money demand. d. decrease money demand.
If the demand curve for a product is vertical, then
a. consumers will refuse to bear any share of tax burden. b. producers will bear the larger share of the tax burden. c. consumers will bear the entire tax burden. d. producers and consumers will equally share the tax burden.