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

Economics

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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.

Economics

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

Economics

A theory is a perfect description of reality

Indicate whether the statement is true or false

Economics

In the expansion phase of the business cycle:

What will be an ideal response?

Economics