If the combination of goods consumed at point C is preferred to combination D then
A) point C is on a higher indifference curve.
B) point C is on the same indifference cure but at a point where the vertical axis value is greater than point D's vertical axis value.
C) point C is on a lower indifference curve.
D) point C is on the same indifference curve but at a point where the horizontal axis value is greater than point D's horizontal axis value.
A
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Which of the following statements is true?
A) A higher wage can raise profits if productivity is directly proportional to wages. B) A higher wage can reduce the quantity supplied of labor. C) A higher wage can increase the quantity demanded of labor. D) A higher wage can raise profits if productivity of workers is fixed.
The value of the best alternative sacrificed to obtain something you want is referred to as
A) explicit cost. B) opportunity cost. C) marginal cost. D) sunk cost.