If a farmer's opportunity cost of producing 10,000 bushels of wheat is 5,000 fewer bushels of soybeans, then her opportunity cost of producing 5,000 bushels of soybeans must be 10,000 fewer bushels of wheat
a. True
b. False
Indicate whether the statement is true or false
True
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Factors that cause a decrease in the demand for credit at a given real interest rate cause:
A) the credit demand curve to shift to the right. B) an upward movement along the credit demand curve. C) the credit demand curve to shift to the left. D) a downward movement along the credit demand curve.
A method that is technologically inefficient
A) might or might not be economically efficient. B) can never be economically efficient. C) results from failure to calculate the ratio of the cost of labor to the cost of capital. D) means that it uses too much labor and too little capital.
If a graph has a line that shows the quantity of flat-screen televisions sold in the last five years, it is known as
A) a pie chart. B) a demand curve for outsourcing. C) a time-series graph. D) a supply curve of outsourcing.
Why should anyone bother to study perfect competition since it seldom or never exists in reality?
What will be an ideal response?