In the table above, if there are 80 umbrellas produced, the deadweight loss from the 80th umbrella is

In the face of an increase in oil prices, if the government's primary objective is to keep prices from falling, then policymakers should

a. reduce taxes. b. reduce the money supply. c. increase government spending. d. increase aggregate supply through regulation.

A professional basketball players' union negotiates a contract that dramatically increases all players' salaries. How would this influence the opportunity cost for a player who was considering giving up basketball to pursue a career in broadcasting?

a. It would not affect the opportunity cost of playing basketball or of broadcasting. b. It would increase the opportunity cost of continuing to play professional basketball. c. It would cause the production possibilities frontier to become convex. d. It would increase the opportunity cost of becoming a broadcaster. e. It should have no bearing on the player's decision from an economic standpoint.