The principle that the cost of something is equal to what is sacrificed to get it is known as the
A) reality principle. B) marginal principle.
C) principle of opportunity cost. D) principle of diminishing returns.
C
Economics
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Suppose a Chinese restaurant provides free tea to its customers. In the economic way of thinking, the restaurant is
A) engaging in predatory pricing of its meals. B) engaging in predatory pricing of tea. C) selling Chinese food below cost. D) doing all of the above. E) almost certainly doing none of the above.
Economics
The inflation rate is a:
a. percentage decrease in price level. b. percentage increase in price level. c. sustained increase in relative prices. d. sustained decrease in relative prices. e. sudden increase in the weighted average of all prices.
Economics