Refer to Table 2-17. What is Lucy's opportunity cost of making a tricycle?
A) 3/4 of a wagon B) 1 1/3 tricycles C) 3 wagons D) 2 tricycles
A
Economics
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Monopolistic competition and monopoly have all of the following in common EXCEPT
A) P > MC. B) firms are price setters. C) barriers to entry. D) MR = MC.
Economics
Rayburn Reed is a highly talented photographer. He has chosen to specialize in photography because of all of the following except
A) he obviously has a comparative advantage in photography. B) his opportunity cost of pursuing another career is very low. C) for him, this is the most lucrative way to purchase the products that he wants to consume. D) his photographs are highly esteemed by art lovers who are willing to pay very high prices.
Economics