The relative price of a good is

A) an opportunity cost.
B) equal to the money price of a good.
C) equal to the price of that good divided by the quantity demanded of the good.
D) what you get paid for babysitting your cousin.

A

Economics

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This graph represents the cost and revenue curves of a firm in a perfectly competitive market.According the graph shown, the firm's most efficient scale of operation is to produce quantity:

A. Q1. B. Q2. C. Q3. D. Any quantity as long as P1 is charged.

Economics

Assume Barbara likes driving fast, but hates getting injured. If Congress passes a law for mandatory airbags, Barbara is likely to experience an increased number of accidents. Why?

A. The expected cost of an accident at any given speed decreases. B. Barbara is confident that she can drive flawlessly since others will have airbags. C. The benefits of driving fast increase. D. Barbara will defy the law and not have airbags, since she thinks no one is going to enforce installing airbags in cars.

Economics