Refer to the accompanying figure. Moving from point C to point B, the opportunity cost of 25 more salads is:
A. 5 pizzas.
B. 30 pizzas.
C. 10 pizzas.
D. 15 pizzas.
Answer: A
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According to Keynes, involuntary unemployment is possible because of
A) the existence of capital markets. B) long-term labor contracts and the existence of labor unions. C) government interference in the market economy. D) inflation.
The minimum efficient scale for a firm is the
a. lowest rate of output at which long-run average cost is at a minimum b. lowest rate of output at which short-run average total cost is at a minimum c. lowest rate of output at which short-run average variable cost is at a minimum d. average of the rates of output at which long-run average cost is at a minimum e. average of the rates of output at which short-run average total cost is at a minimum
Total revenue equals
a. marginal revenue - marginal cost. b. price/quantity. c. price x quantity. d. output - input.
Small differences in growth rates can create large differences in income levels because of:
A. Say's Law. B. specialization. C. compounding. D. the division of labor.