The economic concept of "opportunity cost" is most closely associated with which of the following management considerations?
A) market structure
B) resource scarcity
C) product demand
D) technology
B
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Assume an economy produces only hamburgers and hotdogs and the base year is 2005. Quantity producedPrices 2005200620052006Hamburgers2,0003,0002$3Hotdogs3,0004,0001$1.50Given the data in the table above, what is the value of real GDP in 2006?
A. $ 7,000 B. $ 5,000 C. $10,000 D. $10,500
Which of the following can people not get at their commercial banks?
A. certificates of deposit B. money market deposit accounts C. money market mutual funds D. time deposits
Why might an increase in the minimum wage cause more unemployment among those with the least education, job experience and maturity?
What will be an ideal response?
Why are long-run costs always less than or equal to short-run costs?
a. In the long run, technological change can occur, leading to lower costs over time. This means that long-run costs will always be less than or equal to short-run costs at the same level of output. b. In the long run, employees are more productive so the firm's costs will be lower. This means that long-run costs will always be less than or equal to short-run costs at the same level of output. c. In the long run, all inputs are flexible so the firm can minimize all costs. This means that long-run costs will always be less than or equal to short-run costs at the same level of output. d. In the long run, firms can choose how much output to produce based on demand, which will lead to lower costs. This means that long-run costs will always be less than or equal to short-run costs at the same level of output.