Suppose Peru decides to increase its production of emeralds by 2. What is the opportunity cost of this decision?
a. 30 rubies
b. 40 rubies
c. 60 rubies
d. 120 rubies
c. 60 rubies
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It is a "given" that an individual firm selling in a perfectly competitive market will take the market price because
A. there are no good substitutes for the firm's product. B. product differentiation is reinforced by extensive advertising. C. the firm's demand curve is downward-sloping. D. each producer supplies a negligible fraction of total market.
Let "C = Ca + by" define the consumption function. The term "by" is
A) the marginal propensity to consume. B) autonomous consumption. C) current income. D) consumption that depends on income.
The CPI basket of goods represents those goods and services purchased by urban consumers because it represents:
A. over 80 percent of our population. B. over 90 percent of our population. C. 78 percent of our population. D. 60 percent of our population.
The primary contribution of the theory of monopolistic competition is the rationale it provides for product differentiation and advertising
Indicate whether the statement is true or false