Refer to Figure 2-5. If the economy is currently producing at point X, what is the opportunity cost of moving to point W?
A) 19 million tons of steel B) 5 million tons of paper
C) 9 million tons of paper D) 3 million tons of steel
D
Economics
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Freedom of entry into a market tends to preserve
A) competition. B) abnormal profits. C) social justice. D) the gap between the price of a good and marginal cost.
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In the table above, the value of marginal product of the third unit of labor is
A) $3. B) $4. C) $12. D) $16.
Economics