A demand curve is upward sloping because as the price decreases the quantity demanded decreases
Indicate whether the statement is true or false
F
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In January, 2,500 quarts of ice cream are sold in Boston at $2.50 a quart. In February, 3,000 quarts are sold at $2.00 a quart. This change in quantity sold and price may have been caused by
A. a reduction in wages in the Boston area. B. the introduction of labor-saving automated ice cream-packing machinery. C. the release of a medical study showing that ice cream consumption improves mental health. D. the decision by Boston ice cream sellers to eliminate discount coupons.
When considering the socially optimal amount of pollution, the benevolent social planner takes into account any laws regarding pollution
Indicate whether the statement is true or false
In one hour John can produce 20 loaves of bread or 8 cakes. In one hour Phyllis can produce 30 loaves of bread or 15 cakes. Which of the following statements is true?
A) Phyllis has a comparative advantage in producing bread. B) John has a comparative advantage in producing cakes. C) Phyllis has an absolute advantage in both goods. D) John has an absolute advantage in both goods. E) Phyllis has a comparative advantage in producing both cakes and bread.
Implicit costs are costs that:
A. require a firm to spend money. B. represent forgone opportunities. C. do not depend on the quantity of output produced. D. depend on the quantity of output produced.