Opportunity cost measures the trade-off between two goods that each producer faces
a. True
b. False
Indicate whether the statement is true or false
True
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Strictly speaking, which has a cost?
A) A decision B) A cup C) A cup of diamonds D) A gallon of water E) Checking accounts that charge fees for deposits below $100
Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for motorcycles at the intersection of D1 and S1 (point A)
If the price of motorcycle engines increases, and the wages of motorcycle workers increase, how will the equilibrium point change? A) The equilibrium point will move from A to E. B) The equilibrium point will move from A to C. C) The equilibrium will first move from A to B, then return to A. D) The equilibrium point will move from A to B.
The long-run aggregate supply curve represents:
A. potential output in the economy. B. the level of output possible if the economy is operating at full capacity. C. a production function for the entire economy. D. All of these are true.
According to the law of supply, a per-unit increase in the price of bun will cause a(n): a. increase in the supply of buns
b. increase in the quantity supplied of buns. c. decrease in the supply of buns. d. decrease in the quantity supplied of buns