If opportunity cost were to suddenly? increase, total cost would
A. Increase and net benefit would increase.
B. decrease and net benefit would decrease.
C. decrease and net benefit would increase.
D. increase and net benefit would decrease.
D. increase and net benefit would decrease.
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By definition, in the typical firm's short-run production function all inputs are fixed in amount
Indicate whether the statement is true or false
With respect to your grades in your accounting and economics? classes, a? one-to-one trade-off means that the opportunity cost of receiving one grade higher in accounting? (for example, improving from a D to a? C) is one grade lower in economics? (falling from a B to a? C).
a. true b. false
All of the following shift the short-run aggregate supply curve except
A. a change in the price of oil. B. a change in wages as a result of a labor strike. C. a change in the price of raw material. D. a change in the price level.
Which of the following contains only normative statements?
a. The birth rate is reduced as economies urbanize, but that also leads to a decreased average age of developing countries' populations. b. An increase in the price of corn will decrease the amount of corn purchased. However, it will increase the amount of wheat purchased. c. A decrease in the price of butter will increase the amount of butter purchased, but that would be bad because it would increase Americans' cholesterol levels. d. None of the above contain only normative statements.