The expression, "There's no such thing as a free lunch" implies that:
a. everyone has to pay for his/her own lunch
b. the person consuming a good must always pay for it.
c. costs must be incurred when resources are used to produce goods and services.
d. no one has time for a good lunch anymore.
c
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If excess demand exists in a market, then
a. excess supply will emerge to absorb the excess demand b. the quantity supplied is less than the quantity demanded c. the quantity demanded is less than the quantity supplied d. the equilibrium price will fall e. the price will fall
Legal restrictions on entry into an industry
a. are strongly opposed by those already in an industry. b. are promoted through lobbying efforts by those already in the industry, thereby further increasing the social costs of monopoly. c. are promoted by those who wish to enter the industry, thereby potentially increasing the social welfare generated by the industry. d. are always instituted to protect the public's health and welfare.
Answer the next question on the basis of the following data faced by a perfectly competitive firm.OutputMarginal RevenueMarginal Cost0----1$16$102169316134161751621If the firm's minimum average variable cost is $10, the firm's profit-maximizing level of output would be
A. 2. B. 3. C. 4. D. 5.
The Open Market Committee is composed of
a. the 7 members of the Board of Governors. b. the 7 members of the Board of Governors and the president of the Federal Reserve Bank in New York. c. 12 voting members, and of these, 5 are presidents of regional Federal Reserve banks and the other 7 are the members of the Board of Governors. d. the presidents of each of the 12 Federal Reserve banks.