In the above figure, a perfectly competitive market will have a price of ________, and a single-price monopoly will have a price of ________

The idea of opportunity cost suggests that the cost of a particular choice should be measured by the

a. price of the good chosen b. price of the good divided by income c. value of the best alternative sacrificed d. amount of the good consumed e. sum of the costs of all foregone opportunities

Since the War on Poverty was started in 1965, the United States has spent more than $12 trillion on income maintenance programs. The effect has been to

A) reduce poverty levels substantially. B) reduce poverty levels moderately. C) have virtually no effect on poverty levels. D) increase poverty substantially.