Refer to the information provided in Table 2.1 below to answer the following question(s).
Table 2.1?KrystalMarkWriting Poems812Writing TV Commercials24Refer to Table 2.1. For Krystal, the opportunity cost of writing one TV commercial is
A. 1/4 of a poem.
B. 2 poems.
C. 4 poems.
D. 6 poems.
Answer: C
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During recessions, the unemployment rate ________ and output ________
A) rises; falls B) rises; rises C) falls; rises D) falls; falls
One of the benefits of specialization is
A) greater output. B) people enjoy doing one repetitive task over and over. C) specialists cost less to hire. D) training costs are higher.
In the short run, the monopolistic competitor is just like the perfect competitor in that
A) equilibrium is determined by setting price equal to marginal cost. B) either type of firm can earn economic profits, experience economic losses, or break even in the short run. C) each equates marginal revenue and marginal cost in order to maximize profits, with the result that price exceeds marginal revenue. D) new firms enter in the short run when firms are making profits.
To say that a price ceiling is nonbinding is to say that the price ceiling a. results in a surplus
b. is set above the equilibrium price. c. causes quantity demanded to exceed quantity supplied. d. All of the above are correct.