The opportunity cost of moving from point T to point Q would be
A. giving up trips around the world.
B. giving up heart transplants.
C. gaining trips around the world.
D. gaining heart transplants.
A. giving up trips around the world.
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If a profit-maximizing firm is a price taker in the input market but not in the output market, its marginal value product of labor
a. exceeds the marginal revenue product of labor. b. equals its marginal revenue product of labor. c. is less than the marginal revenue product of labor. d. equals the marginal physical product of labor.
Which of the following must occur to sustain economic growth in the long run?
A) technological progress B) capital accumulation C) a higher saving rate D) all of the above
U.S. antitrust laws view monopolies as undesirable because
A. monopolies restrain trade and promote inefficiencies. B. monopolies create inferior products. C. monopolies produce only cheap, low quality goods. D. monopolies produce only capital goods.
Luke won tickets to see a rock music concert. Even though Luke is a rhythm and blues fan, he goes to the concert anyway. Twenty minutes later, Luke decides he hates the music and the screaming fans, and he walks out an hour before the concert is scheduled to end. Luke's behavior demonstrates what economic concept?
A. Rational behavior B. The fungibility of money C. Irrational behavior D. None of these explain Luke's behavior.