Refer to the scenario above. What is Wendy's opportunity cost of producing one earring?
A) 0.33 greeting cards
B) 0.50 greeting cards
C) 1 greeting card
D) 2 greeting cards
D
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If the demand for cell phone service is inelastic, then
A) the percentage change in quantity demanded is greater than the percentage change in price (in absolute value). B) the percentage change in quantity demanded is less than the percentage change in price (in absolute value). C) the percentage change in quantity demanded is equal to the percentage change in price. D) the quantity demanded does not change in response to changes in price.
The distinction between sunk and incremental costs is most helpful in answering which question?
A) How many more people should be added to the production process? B) What is the correct price to charge? C) Should we begin to build a new factory? D) Should we continue developing a new software application that we began last year?