Opportunity cost exists because
a. technology is fixed at any point in time
b. the law of comparative advantage is working
c. resources are scarce but wants are unlimited
d. the value of lost opportunities varies from person to person
e. efficiency is measured by the monetary cost of an activity
C
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In a perfectly competitive market:
A) the long-run market price is equal to the average fixed cost of the industry. B) the long-run market price is less than the minimum average cost of the industry. C) the long-run market price is more than the minimum average cost of the industry because of free entry and exit of firms. D) the long-run market price is equal to the minimum average cost of the industry because of free entry and exit of firms.
Saving by households
A) decreases when the real interest rate rises. B) increases when the real interest rate rises. C) increases when the real interest rate falls. D) is unaffected by the real interest rate.