"If you hadn't gone to dinner with your friends, you would have stayed home and watched television." It follows that
A) watching television is the opportunity cost of having dinner with your friends.
B) the price of having dinner with your friends is more than the price you would have had to pay to watch television.
C) the opportunity cost of having dinner with your friends is lower than the opportunity cost of watching television.
D) it is less costly to watch television than to have dinner with your friends.
A
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The figure shows the market for books before and after a sales tax is introduced. Each week, the tax creates a deadweight loss of ________, decreases consumer surplus by ________, and decreases producer surplus by ________
A) $15; $10; $5 B) $12; $8; $4 C) $3; $10; $5 D) $3; $2; $1
Which of the following statement is untrue?
A) assets equal liabilities plus net worth B) households and firms are lenders and borrowers in the flow of funds C) government regulation is the major cause of asymmetric information problems D) pension funds and insurance companies are financial intermediaries