Economists believe:
A. every choice has an opportunity cost.
B. sunk costs are a figment of most people's imagination.
C. every choice has a sunk cost.
D. only some choices have an opportunity cost.
Answer: A
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A recession is defined as at least ________ consecutive quarters of decline in real GDP.
A. two B. three C. four D. five
The relationship between the wage rate and the quantity of labor that workers wish to supply in total is called: a. the market supply curve for labor
b. the market demand curve for labor. c. an individual demand curve for labor. d. an individual supply curve for labor.
When a demand schedule is drawn as a graph,
a. price is measured on the vertical axis. b. quantity is measured on the horizontal axis. c. the resulting curve has a negative slope. d. the other variables (besides price and quantity) are held constant. e. All of the above are correct.
At an equilibrium level of output in a pure monopoly:
A. P > MC and P = minimum ATC. B. P > MC and P > minimum ATC. C. P = MC and P = minimum ATC. D. P = MC and P > minimum ATC.