Shirley can choose between peanut butter pretzels and caramel coated popcorn for her evening snack. According to economists, her _____ cost of consuming caramel coated popcorn would be the forgone peanut butter pretzels
a. internal
b. opportunity
c. average
d. transaction
e. social
b
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In Great Britain, raising taxes on gasoline has increased the costs of supplying gasoline. As a result, the equilibrium quantity of gasoline ________ and the equilibrium price of gasoline ________
A) increases; falls B) decreases; falls C) does not change; rises D) decreases; rises E) increases; rises
As a group, oligopolists earn the highest profit when they
a. achieve a Nash equilibrium. b. produce a total quantity of output that falls short of the Nash-equilibrium total quantity. c. produce a total quantity of output that exceeds the Nash-equilibrium total quantity. d. charge a price that falls short of the Nash-equilibrium price.
The concept of absolute poverty states that anyone who falls too far behind the average income should be considered poor.
Answer the following statement true (T) or false (F)
If the demand for widgets is inelastic, total revenue will ________ if the price of widgets increases.
a. increase b. decrease c. remain the same d. one cannot tell what will happen to revenues without specific elasticity numbers e. none of the above