Refer to the scenario above. The opportunity cost per dollar of value added in the production of Good X by worker 1 is ________
A) $0.50 of value added in the production of Good Y
B) $100 of value added in the production of Good Y
C) $87.50 of value added in the production of Good Y
D) $0.70 of value added in the production of Good Y
A
Economics
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In the long run, monopolistically competitive firms will not earn economic profits because
A) average total cost will shift up to meet the demand curve. B) input prices will be bid up. C) production will not be at minimum average cost. D) new firms will enter the industry.
Economics
A market with a few large sellers is called
A) perfectly competitive. B) monopolistically competitive. C) a monopoly. D) an oligopoly.
Economics