Which of the following is an example of opportunity cost not measured by money cost?
a. the time spent eating a business lunch at a restaurant
b. the time spent preparing a meal eaten at home
c. the time spent studying to obtain an "A" in economics
d. the time spent repairing a car in one's own garage
e. All of the above are correct.
e
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A country club charges a membership fee. Members pay competitive prices for the club's recreation and restaurant services. This situation is an example of
a. first-degree price discrimination. b. second-degree price discrimination. c. third-degree price discrimination. d. a two-part tariff.
If there are externalities present in a market, resources are allocated efficiently when marginal social cost equals marginal social benefit
Indicate whether the statement is true or false
Shift to the left or right for supply: number of sellers increases
What will be an ideal response?
A graph that shows the maximum combinations of two goods which a consumer can purchase with a given money income is:
A. The production possibilities curve B. An indifference curve C. A demand curve D. A budget line