For a country in autarky, the opportunity cost of the good on the horizontal axis is the same as
A) the relative price of the good on the vertical axis.
B) the relative price of the good on the horizontal axis.
C) the opportunity cost of the good on the vertical axis.
D) Both A and C.
E) None of the above.
B
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If a firm sells 10 units of output at $100 per unit and 11 units of output when price is reduced to $99, its marginal revenue for the last unit sold is
A) $11. B) $99. C) $109. D) $89.
Explicit agreements between businesses to keep prices high:
A. are illegal. B. are called collusion. C. are not in the public's best interests. D. All of these statements are true.
Which of the following is true? a. At below the natural rate of unemployment, the economy is considered to be beyond full employment. b. At above full employment, the economy is producing more than potential output
c. At above full employment, unemployment would be below its natural rate. d. All of the above are true.
nswer the question on the basis of the given supply and demand data for wheat. Bushels Demanded Per MonthPrice Per BushelBushels Supplied Per Month45$57750473563686126167157 Equilibrium price will be
What will be an ideal response?