A production possibilities curve measures cost in terms of dollars spent, not in terms of sacrificed alternatives.

The following equations represent the demand and supply for bottles of nail polish

QD = 25 - P QS = -15 + 3P What is the equilibrium price (P) and quantity (Q - in thousands) of bottles of nail polish? A) P = $15; Q = 30 thousand B) P = $10; Q = 15 thousand C) P = $20; Q = 5 thousand D) P = $5; Q = 20 thousand

Which of the following is an example of a network externality?

a. Amy sitting in her front yard enjoying the Fourth of July fireworks b. People parked on Amy's street, making it difficult to walk on the street c. Mary using LinkedIn to search for jobs, encouraging her friends to use it too d. Allowing Delta Chemicals to use a natural lake to discharge waste