The loss of the highest-valued alternative defines the concept of
A) marginal benefit.
B) scarcity.
C) entrepreneurship
D) opportunity cost.
D
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Even if all individual demand curves are downwardly sloped, the market demand curve may slope upward.
Answer the following statement true (T) or false (F)
Hot dogs and hot dog buns would be expected to have:
A) positive income elasticities of demand with respect to each other. B) negative income elasticities of demand with respect to each other. C) a positive cross-price elasticity of demand. D) a negative cross-price elasticity of demand.
If the U.S. can produce pizza for $5 each and barrels of beer for $25 each, and Germany can produce pizza for $7 each and barrels of beer for $21 each, then the U.S
A) a comparative advantage in the production of beer. B) an absolute advantage in the production of beer. C) a comparative advantage in the production of pizza. D) a comparative advantage in the production of beer and pizza.
The reason why public subsidization of industries in less-developed countries causes slow economic growth is that:
a. when companies face no competition, there is no incentive for them to improve their production. b. too much of the taxpayer's money is spent in these programs. c. consumers tend to develop an aversion for the purchase of subsidized goods and services. d. subsidies tend to create too much competition for products. e. subsidization creates shortage in the product market.