In economics we learn that
A) tradeoffs allow us to have more of everything we value.
B) tradeoffs allow us to avoid the problem of opportunity cost.
C) opportunity costs are all of the possible alternatives given up when we make a choice.
D) None of the above answers is correct.
D
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Suppose in the city of Blacksburg, music stores operate in a monopolistically competitive market. If the price of Blu-ray discs in Blacksburg is currently equal to $20 each and the average cost of Blu-ray discs is $15, in the long run we expect the price of Blu-ray discs to:
A. increase. B. stay the same. C. decrease, and the average cost of selling Blu-ray discs to increase. D. decrease, and the average cost of selling Blu-ray discs to decrease.
Frictional unemployment is unemployment reflecting a mismatch of skills and jobs.
Answer the following statement true (T) or false (F)