An example of a trade-off is
a. giving up going to a movie to spend time shopping
b. giving up going to a movie because it got bad reviews
c. going to a movie to see your favorite movie star
d. not going to a movie because your wife isn't feeling well
Ans: a. giving up going to a movie to spend time shopping
You might also like to view...
Goods that are rival in consumption and excludable would be considered
a. club goods. b. common resources. c. public goods. d. private goods.
A monopolist would not be able to make a positive profit at any price output combination when
A) marginal cost is less than average total cost for one more unit of output. B) the average variable cost curve is everywhere above the marginal revenue curve. C) the minimum point of the average total cost curve lies to the right of the minimum of the average variable cost curve. D) the average total cost curve is everywhere above the demand curve.