Refer to Table 2-16. What is Finland's opportunity cost of producing one cell phone?
A) 0.25 board feet of lumber B) 4 board feet of lumber
C) 12 board feet of lumber D) 16 board feet of lumber
B
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Which of the following statements is true?
A) A monopoly is a price taker because it faces a downward sloping demand curve. B) A monopoly is a price maker because it faces a downward sloping demand curve. C) A perfectly competitive firm is a price taker because it faces a downward sloping demand curve. D) A perfectly competitive firm is a price maker because it faces a downward sloping demand curve.
Which of the following pairs of goods is likely to have a negative cross-price elasticity of demand?
A) pancakes and syrup B) orange juice and grapefruit juice C) peanuts and cat food D) hot dogs and hamburgers
A theory is a perfect description of reality
Indicate whether the statement is true or false
In the expansion phase of the business cycle:
What will be an ideal response?