Opportunity cost is measured by the
a. dollars paid for the goods
b. quantity of other goods given up
c. value of the resources used
d. technology used
e. units of opportunity gained by having the good
B
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Suppose that the government of New York state promises to decrease taxes to a firm if it decides to stay in New York instead of moving to another state. This policy on the part of the state constitutes ________, to make the ________ of the firm remaining in New York.
A) an incentive; marginal benefit exceed the marginal cost B) an incentive; marginal cost exceed the marginal benefit C) a command; marginal benefit exceed the marginal cost D) a command; marginal cost exceed the marginal benefit
According to Baumol and Blinder, from the demand side a decrease in the price level causes aggregate expenditures to
a. fall, resulting in a lower level of equilibrium income. b. fall, resulting in a higher level of equilibrium income. c. rise, resulting in a higher level of equilibrium income. d. rise, resulting in a lower level of equilibrium income.
Which is a likely characteristic of a differentiated oligopolistic market?
A. The market demand curve is inelastic. B. Price and output decisions of firms are interdependent. C. There are minimal barriers to entry. D. There is minimal advertising expenditure.
Wall Street bosses who believed that the huge profits of their firms prior to the financial crisis that started in 2007 was their personal accomplishment, and that the financial crisis was due to overregulation by government illustrates the:
A. Confirmation bias B. Framing effect C. Hindsight bias D. Self-serving bias