Serena Williams should pay someone else to mow her lawn instead of mowing it herself, unless
a. Serena has an absolute advantage over everyone else in mowing her lawn.
b. Serena has a comparative advantage over everyone else in mowing her lawn.
c. Serena's opportunity cost of mowing her lawn is higher than it is for everyone else.
d. All of the above are correct.
b
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Which of the following would most likely be a public good?
A) Sirius Satellite Radio is accessed through a subscription. B) iTunes sells songs through their website. C) a Mariah Carey CD D) Michigan Radio is the state's most listened-to public radio service.
Which of the following is true about how the "invisible hand" influences economic activity through prices when a product has lower demand than supply?
a. The price must decrease, causing more buyers to buy and less sellers to sell. b. The price must decrease, causing more buyers to buy and more sellers to sell. c. The price must increase, causing less buyers to buy and more sellers to sell. d. The price must increase, causing less buyers to buy and less sellers to sell.