A situation in which the price charged is greater than society's opportunity cost would lead to
A) too little being produced.
B) too much being produced.
C) an efficient amount being produced.
D) marginal cost pricing.
Answer: A
Economics
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Critically evaluate the following statement. "If a country can produce a good using fewer inputs than other country then that means that country enjoys a comparative advantage."
What will be an ideal response?
Economics
Which of the following statements is true?
A) A decrease in the crime rate increases GDP as people will spend more on security. B) Household production is counted in GDP as it amounts to real production. C) GDP accounting rules do not adjust for production that pollutes the economy. D) GDP growth distributes income equally to people in the economy.
Economics