If you must make a choice about consuming two apples, three oranges, or one candy bar, the opportunity cost of the candy bar is:
a. two apples.
b. three oranges.
c. two apples and three oranges.
d. two apples or three oranges, whichever you prefer more.
e. equal to the difference in the prices of the three options.
d
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Which of the following is NOT a characteristic of long-run equilibrium in monopolistic competition?
A) The firm earns zero economic profit. B) Price is equal to average total cost. C) Production occurs at minimum average total cost. D) Marginal revenue is equal to marginal cost. E) Price exceeds marginal revenue.
A firm calculated that the income elasticity of demand for its signature product was equal to (+)0.87. Based on this information, we can say that the firm's product is:
a. A substitute good b. A complementary good c. An inferior good d. A normal good