When computing the opportunity cost of attending a basketball game you should include
a. the price you pay for the ticket and the value of your time.
b. the price you pay for the ticket, but not the value of your time.
c. the value of your time, but not the price you pay for the ticket.
d. neither the price of the ticket nor the value of your time.
Answer: a. the price you pay for the ticket and the value of your time.
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If firms in a competitive market are not identical, then an increase in cost will
A) shift marginal cost to the right. B) push the most inefficient firms out of the market. C) push the most efficient firms out of the market. D) There is not enough information to answer.
Which of the following is true if the price of coffee increases?
a. The demand for tea, a substitute good, will decrease. b. The demand for coffee will increase. c. The demand for coffee and tea will decrease. d. Both the demand for coffee and tea will increase. e. The demand for tea, a substitute good, will increase.
If the price of a good is below its equilibrium level, then
a. an excess supply will result b. quantity supplied exceeds quantity demanded c. the supply curve will shift to the right d. quantity demanded exceeds quantity supplied e. the demand curve will shift to the left
The aggregate consumption function is C = 200 + 0.9Yd. If income is $1,500 and net taxes are $300, consumption equals
A. 1,280. B. 1,820. C. 2,000. D. 2,180.