Opportunity cost refers to whatever is given up to obtain some item.

Answer the following statement true (T) or false (F)


True

Economics

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Define expected utility

What will be an ideal response?

Economics

If production of an item results in negative external costs, then

A) the market price is below the socially preferred price that reflects the external costs. B) the market price is above the socially preferred price that reflects the external costs. C) market forces will always correct the problem. D) the market quantity is too low from society's point of view.

Economics

Explain why ensuring economic stability is an economics function of government?

What will be an ideal response?

Economics

If the four firms in an industry represented 40%, 30%, 20%, and 10% of the market, respectively, what would be the Herfindahl-Hirschman Index for this industry? What if the largest firm then divested into two equal sized companies?

a. 3,000 . 2,300. b. 2,300; 3,000 c. 3,000 . 5,400 d. 2,300; 5,400

Economics