In the above figure, the opportunity cost of moving from producing 75 guitars and 25 ukuleles to producing 50 guitars and 50 ukuleles is
A) 25 ukuleles.
B) 50 guitars.
C) 100 guitars.
D) 25 guitars.
D
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If a specific tax is implemented
A) the firm's average cost curve shifts up, resulting in lower profits. B) the after-tax marginal cost curve shifts, resulting in lower quantity produced. C) there is less profit per unit sold. D) All of the above.
One way to explain the convexity of isoquants is to say that
A) as labor increases and capital decreases, MPL rises while MPK falls. B) as labor increases and capital decreases, MPL falls while MPK rises. C) as labor increases and capital decreases, MPL and MPK both fall. D) as labor increases and capital decreases, MPL and MPK both rise.
In the long run, any firm may enter or leave a perfectly competitive market
a. True b. False Indicate whether the statement is true or false
A policy that requires all the people to certify that they have reduced total consumption, not necessarily their own individual consumption, by a specified amount, is a(n):
A. internal incentive plan. B. external incentive plan. C. market incentive plan. D. tax incentive plan.