In economics, the concept of opportunity cost is:
a. negated by ensuring that the government has a role in a capitalist society.
b. defined to be the highest-valued alternative that must be forgone when a choice is made.
c. best illustrated by knowing why consumers choose one good over another.
d. quantifiable only if you know the real dollar price of the goods and services you are giving up to consume something.
e. the methodology that government economists use to determine the total amount of the national debt.
b
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The short-run aggregate supply curve
A) is vertical. B) shows the impact changes in the price level have on the quantity of real GDP when resource prices are constant. C) illustrates the level of potential real GDP. D) shifts whenever the price level changes.
Which act of Congress extended the government's authority to block horizontal and vertical mergers?
a. the Clayton Act b. the Sherman Antitrust Act c. the Wheeler-Lea Act d. the Celler-Kefauver Anti-Merger Act e. the Herfindahl-Hirschmann Act