The above table shows the daily production possibilities for a bakery. Currently the bakery bakes 60 pizzas and 180 loaves of bread, that is at alternative C. Using the above table, moving from alternative C to alternative B, what is the opportunity cost of one loaf of bread?

If a firm operates at a loss, the loss is equal to TC - TR. If the firm shuts down instead, its loss is equal to FC. Given this, show that price must exceed AVC for the firm to operate at a loss and not shut down

What will be an ideal response?

A country will roughly double its GDP in twenty years if its annual growth rate is _____

a. 12 percent b. 7.5 percent c. 3.5 percent d. 2.5 percent

The price ceiling that the federal government placed on human organs caused

A. A shortage. B. A surplus. C. An increase in supply. D. An increase in demand.

Price fixing tends to fail in an oligopoly because:

A. firms like to have flexibility in setting prices. B. each firm has an incentive to underprice the other firms. C. it increases the quantity demanded. D. consumers don't like fixed prices.