Opportunity cost refers to whatever is given up to obtain some item.
Answer the following statement true (T) or false (F)
True
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Define expected utility
What will be an ideal response?
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.
Explain why ensuring economic stability is an economics function of government?
What will be an ideal response?
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