In economics as well as in social relations in general, clear and concise information
A) eliminates the need for cooperation.
B) guarantees effective cooperation.
C) makes cooperation easier to achieve.
D) makes cooperation more difficult to achieve.
C
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Use the following table to answer the question below. Dave's Production Possibilities SchedulePounds of Green BeansPounds of Corn0160201204080604080 0Dave's opportunity cost of producing 1 pound of corn is ________ pound(s) of green beans.
A. 1 B. 4 C. 1/2 D. 2
Medicaid and food stamps are:
a. forms of cash assistance. b. forms of in-kind assistance. c. available only to families. d. counterproductive.
A worker will become indifferent between spending the next hour on work or leisure if the benefit of another hour of work is:
A. less than the opportunity cost. B. exactly equal to the opportunity cost. C. constant for each additional hour worked. D. greater than the opportunity cost.
According to the principle of diminishing marginal utility, what is the best way for a business owner to maximize the number of units sold to each customer?
a. Lower the price on the first unit. b. Lower the price on each additional unit after the first. c. Increase the number of substitutes offered at the same price. d. Increase the number of substitutes offered at a higher price.